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Insurance companies are seeking
additional tax benefits for those investing in life insurance products for a
longer tenure, apart from making special provisions for home insurance in the
upcoming Union
Budget 2016.
Rajesh Sud, MD & CEO of Max Life
Insurance said that life insurance products that are long term with tenure of
10 years and above should be given tax exemption over and above the current
limits of Rs 1.5 lakh. He added that financial savings should be encouraged by giving
more money in the hands of people.
Low penetration of insurance has been a
concern in the country. With tax incentives, insurers believe more number of
individuals will be motivated to buy an insurance policy.
Read
our full coverage on Union Budget 2016
With the insurance regulator also pushing
for more protection or pure term products, insurers have also sought a separate
exemption limit for term insurance.
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