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23-10-2017
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Separate Tax Exception only For Life Insurance Premium
The insurance industry wants the government to create a separate tax exemption limit of Rs 50000 for life insurance premium in the forthcoming budget to encourage more individuals to buy such policies.

Currently investment in saving instruments, like risk cover, pension products, PF contributions, National Savings Certificates and others, are eligible for aggregate deduction of Rs 1 Lakh.

Investments in infrastructure bonds up to Rs 20000 also qualify for deduction.

Insurance sector needs capital on a periodic basis for expansion and experts hope that the budget session would also see passage of FDI bill in insurance sector to 49 per cent, from the current 26% level.

  
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Source : http://economictimes.indiatimes.com
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Previous Month News
  Irda Seeks More Info From Magma Fincorp (2010-09-02)
Non-banking Financial Company (NBFC) Magma Fincorp’s Plans To Foray Into Non-life Insurance Space May Take Longer Than Expected. The Insurance Regulatory And Development Authority (Irda) Has Sought More Information On The Financial Statement Of 2009-10 Submitted By The NBFC.   Read More
  New Ulip Norms Will Boost Customer Confidence: FM (2010-09-02)
Finance Minister Pranab Mukherjee Today Said The New Guidelines For Unit-linked Insurance Products (Ulips) Will Boost Investor Confidence And Draw More Customers To Such Schemes.   Read More
  Market Plus Now Pension Plus : LIC (2010-09-02)
LIC Has Redesigned Its ″Market Plus″ Scheme As ″Pension Plus″. The Product Will Be Available To Policyholders From Tomorrow Sep 01 2010   Read More
  Kotak Life Launches 2 New Ulips (2010-09-02)
Kotak Life Insurance Today Launched Two New Unit-linked Insurance Plans (Ulips) -- Kotak Secure Invest Insurance And Kotak Wealth Insurance-meeting The New Irda Guidelines.   Read More
  ULIP New Face : Investor Freindly (2010-09-02)
Irda Has Now Repositioned Ulips As Long-term Protection Contracts. In The Process, It Has Eliminated Excess Charges In The System. It Has Capped The Difference Between Gross And Net Yield, Reduced Surrender Penalty, Mandating Higher Risk Cover And Increased The Lock-in Period.   Read More
Archive News Related to Insurance
  ING Life Launches ‘Pick Ur Advisor' In Madurai, Salem And Trichy (2010-08-31)
ING Life India, Part Of The ING Group, Today Announced The Launch Of ‘Pick Ur Advisor', A New Online Initiative That Helps Customers Pick A Financial Advisor Based On Their Preferences For The Cities Of Madurai, Salem And Trichy. As A Part Of This Service, A Life Insurance Industry First, Customers Can Log On To Www.pickuradvisor.com And Handpick The Advisor They Would Like To Get In Touch With. Customers Can Pick Their Preferred Advisor Based On Location, Languages Spoken By The Advisor, Qualifications And The Advisor's Tenure With ING Life.   Read More -->
  Puri Temple Administration To Insure Rath Yatra (2010-07-12)
Pilgrims Visiting Puri During The Famed Ratra Yatra Festival Will Have Their Lives Insured Against Accidental Death And Amputation Of Legs And Hands.
The Jagannath Temple Administration Of Puri Has Tied Up With Oriental Insurance Corporation To Insure The Lives Of The Devotees During The Sacred Festival Which Falls On July 13   Read More -->
  Insurance Distribution Channel Related Changes (2010-07-09)
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  • 2. IRDA Has Amended The IRDA ( Licensing Of Corporate Agents) Regulations To Further Tighten The Code Of Conduct Of Corporate Agents To Ensure That The Prospect Does Not Deal With Any Unlicensed Person. The Regulations Have Also Been Amended To Ensure That There Is No Scope For Any Kind Of Remuneration Other Than Commission Where Sale Has Been Effected. This Measure Will Reduce The Expenses Of The Insurer, Thereby Lowering Premiums To Be Paid By The Policyholder.
  • 3. Regulations For Referrals: IRDA Has Also Addressed The Issue Of Referrals By Bringing Out Separate Regulations Leaving No Scope For Misuse Of The System. Companies Which Wish To Share Their Database Of Customers With Insurers Would Need To Get Approval From IRDA After Having Conformed To The Requirements As Laid Down In The Regulations. Further, There Are Restrictions On The Business Activities Of The Referral Company To Ensure That There Is No Misuse Of The System. For Instance, The Referral Company Shall Not Be In Any Business Of Extending Loans And Advances Or Accepting Deposits Etc Though There Are Exceptions Such As For Regional Rural Banks, Co-operative Banks Etc. The Regulations Cast Obligations On The Referral Company As Well As The Insurer Including Submission Of Data As And When Called For By The Authority.
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      Transparency Of The Insurance Advertisements (2010-08-22)
    Where Any Insurance Advertisement Highlights The Benefit Of Guarantees, A Clear Disclosure Of The Underlying Conditions Under Which The Guarantee Operates Must Be Made, Wherever Applicable. In All Such Cases, All The Conditions (including Cost Of Guarantee, Charges) Under Which The Guarantee Operates Need A Prominent Mention. If The Underlying Conditions Are Very Elaborate, The Text/wording On Guarantee Must Be Accompanied By The Phrase “Conditions Apply” In A Font That Is At Least 50% Of The Font Used To Highlight The Guarantee. These Conditions Must Be Distinctly Mentioned In A Legible Font Beneath, Not Making It Part Of Other Applicable Disclosures.   Read More -->
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    On The Non-Life Insurance Sector Every General Insurance Company Has Performed By A Growth Of 20% Or More Except Reliance General.Raheja QBE Has Grown 300% Compared To Last Year.   Read More -->
      IndiaFirst Leads In Number Of Policies Upto Dec 2010 (2011-01-28)
    IndiaFirst Insurance Has Grown On Both Single Premium And Non-Single Premium Life Policies. As Compared To The Period Ending Dec, 2009 They Had Sold 479 Single Premium Policy Were As For Ending Dec 2010 The Group Has Sold 10753 Individual Single Policies. This Is 10 Times Growth.   Read More -->
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      Aegon Religare Life Insurance Is Expecting Its Online Sales To Contribute 10 Per Cent Of Its Total S (2010-11-12)
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