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FM Sitharaman extending the additional Rs 50,000 tax exemption for life insurance companies: Budget 2025
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Posted Date : 14-Jan-2025 , 04:57:16 pm | Posted By CASANSAAR |
FM Sitharaman extending the additional Rs 50,000 tax exemption for life insurance companies
Insurers Also Want FM Sitharaman To Consider Extending the Additional Rs 50,000 Tax Exemption for NPS Contributions to Pension Plans from Life Insurance Companies Too
Top insurance company officials want Finance Minister Nirmala Sitharaman to give a boost to life and health insurance sectors when she presents the National Democratic Alliance’s (NDA) 2.0’s second Budget on February 1.
On top of the insurance industry wish list are the demands to hike section 80D deduction limit for health insurance premiums and introduction of separate tax benefit for term insurance premiums.
In addition, in order to underline the importance of having adequate life insurance coverage in place, the government should consider carving out a separate deduction for term insurance premium. “Key interventions such as increasing tax deduction limits under Section 80C for life insurance premiums or introducing a separate limit exclusively for term insurance and pension policies, can significantly boost life insurance penetration. Additionally, implementing mandatory basic term life insurance coverage for formal employment, akin to the Employees’ Provident Fund (EPF), will ensure financial security for dependents in case of untimely demise,” says Sandip Goenka, CEO, ACKO Life Insurance.
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Category : Budget |
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