Life Insurance Corp. of India (LIC) and other life insurers expect the impact of recent tax changes on high-value, non-participating policies to be minimal. LIC said on an investor call Thursday that only 0.04% of policies sold in FY23 had premiums exceeding ₹5 lakh.
The finance minister announced in the February budget the scrapping of the tax exemption on maturity proceeds of non-unit linked insurance plan (ULIP) policies purchased after April 1 with annual premiums above ₹5 lakh. That had led to a rise in pre-booking of high-ticket, non-linked policies in March.
Source:
Economic Times
