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One of the biggest draws for many investors to buy insurance policies has been tax breaks. This year’s Budget proposed a key change that impact the life insurance industry. The maturity amount for certain life insurance policies will be taxable from April 1, 2023, if the total premium paid in a year is Rs 5 lakh or more. For life insurance investors, this is a tough moment of truth. The latest proposal is likely to dent the sales of traditional life insurance products which have been witnessing strong growth over the last few years.
The focus right now is to understand the loss of business from this proposal. How will insurers make up for this? What will be the effect on margins and profits? Tune in to know more.
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