High-value insurance policies experienced muted growth in the first six months of the current financial year after the Centre decided to tax such products in this year s Budget.
Simultaneously, there has been a marked improvement in the growth of policies with premiums of less than Rs 5 lakh , mainly originating from smaller cities.
During this year s Budget, Finance Minister Nirmala Sitharaman proposed that insurance policies (excluding unit linked insurance plans or ULIPs) with an aggregate premium exceeding Rs 5 lakh, and the maturity amount, would not be exempt from tax.
Growth in new business for private life insurers slows down financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
ICICI Prudential Life Insurance has deployed advanced machine learning models to ensure customers continue to reap the benefits of their life insurance policies and stay on course to achieve their long-term financial goals.