Budget 2021: Life insurers seek separate tax carve-out for products to boost penetration
The industry feels this will allow policyholders to diversify their investments into various life insurance products to meet their financial goals while availing of tax benefits. Currently, life insurance premium is eligible for tax exemption under Section 80C, which has a limit of Rs 1.5 lakh annually, but also clubs other investment options such as PPF, EPF, and NSC, among others. January 26, 2021 / 10:56 AM IST
The insurance industry is seeking tax incentives from the government in Budget 2021 to make products more attractive for customers. Union Budget 2021 will be presented on February 1 by Finance Minister Nirmala Sitharaman.