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Budget 2022: Life insurers seek separate bucket for life insurance premium

Karthik Raman, CMO and Head – Products, Ageas Federal Life Insurance stated that the Rs 1,50,000 limit for tax rebates does not give much space for the life insurance premiums.

Agencies | Updated on: Sunday, January 16, 2022, 09:47 PM IST

Karthik Raman, CMO and Head – Products, Ageas Federal Life Insurance stated the cost of living is only going up, and taxing doesn’t sound right. | pexels
Karthik Raman, CMO and Head – Products, Ageas Federal Life Insurance stated the cost of living is only going up, and taxing doesn’t sound right. | pexels
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The life insurance industry has recommended the government to create a separate bucket for tax rebate under section 80 (C) and make annuity tax-free for the benefit of subscribers for the Budget 2022.

Karthik Raman, CMO and Head – Products, Ageas Federal Life Insurance stated that the Rs 1,50,000 limit for tax rebates does not give much space for the life insurance premiums.

“We want to create a separate bucket from the tax benefit in terms of rebate because section 80 (C) has a limit of Rs 1,50,000 and everything comes under that like PPF is part of it," added Raman.

Raman added, "The cost of living is only going up, and taxing them doesn’t sound right. We are also requesting the government, if an annuity can also be considered under Section 10 (10D) and can be made tax free. “

(With inputs from PTI)

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Published on: Sunday, January 16, 2022, 09:47 PM IST