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Kolkata: ICICI Prudential Life reported a 23 per cent growth in its new business premium, a key metric for insurance companies, as it had record policy sales in March and forecast a strong growth this fiscal as the economy limps back to normalcy amid intermittent disturbances due to Covid-related restrictions.
Its guaranteed-income and pension product launches, new bank assurance partners such as IndusInd and
RBL Bank along with new 20,000 agents helped boost sales and bring down the reliance on Unit Linked Insurance Products. The company has tripled its provisions for Covid-related claims to Rs 300 crore.
The company on Monday said its new business premium grew 23 per cent year-on-year in the fourth quarter of FY2021 at Rs 5,133 crore with bancassurance contributing 42 per cent of it. Its share of ULIPs was at 47 per cent, down from more than 80 per cent a few years ago.
Budget 2021: What high-income earners need to know livemint.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from livemint.com Daily Mail and Mail on Sunday newspapers.
10 income tax changes announced in Budget taxpayers should know
Budget 2021 proposed higher TDS for non-filers of income tax returns
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But she announced many changes that will ease compliance for taxpayers
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In Budget 2021, Finance Minister Nirmala Sitharaman announced some tweaks in income tax rules that will help ease the compliance for taxpayers. Tax experts have welcomed the move. No increase in taxes and no Covid cess. However no increased deductions either, said Asrujit Mandal, Partner - Tax & Regulatory Services, BDO India. Pre-filled tax returns with details of bank and post office interest, capital gains and dividends will help taxpayers in capturing income more accurately, he said.
No income tax filing required for senior citizens if they fulfil these conditions. Details here
The senior citizen is resident in India and of the age of 75 or more during the previous year
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In the Union Budget 2021, the finance minister Nirmala Sitharaman announced that senior citizens above the age of 75 years, who only have pension and interest as a source of income will be exempted from filing the income tax returns. During her budget speech, Sitharaman said, In the 75th year of Independence of our country, the government shall reduce compliance burden on senior citizens who are 75 years of age and above.