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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
More News Headline
  Private Insuers Complete 10 Years (2010-12-28)
Many Private Insuers Complete 10 Years   Read More -->
  ING Life Launches A New ULIP – ING Prospering Life (2010-12-28)
ING Life India, In Its 10th Year Of Operations, Today Launched A Versatile New Unit Linked Insurance Product, Which Meets The Wealth Accumulation And Protection Needs Of Customer.   Read More -->
  ING Life Launches A New Guaranteed NAV ULIP - ING Market Shield (2010-12-28)
ING Life India, In Its 10th Year Of Operations, Today Launched A New Unique Unit Linked Insurance Product, Which Provide The Customer The Opportunity To Participate In The Equity Market While Protecting Investments From Its Downside. The New ULIP, ING Market Shield Comes With Unique Benefits, Allowing Customers To Maximize Their Returns And Have Adequate Protection.   Read More -->
  Unclaimed Amount Of Policy Holders (2010-12-28)
Unclaimed Amount Of Policy Holders Increase Year On Year.   Read More -->
  Motor Third Party Liability Cover To Commercial Vehicles - Good News (2010-12-21)
IRDA Has Set Up A Committee On Commercial Motor Third Party Liability Cover.    Read More -->
Previous Month News
  Universal Life Products Shall Be Known As Variable Insurance Products (2010-11-26)
Universal Life Products Shall Be Known As Variable Insurance Products (VIP)and All VIP Shall Only Be Offered Under Non-unit Linked Platform And Shall Not Be Permitted On Unit Linked Platform.   Read More
  TATA AIG Fined Rs 5,00,000.00 (2010-11-26)
Expenses Of Management (EoM) For The Year 2008-09 Was 114.90% Which Is Beyond Permissible Limits Under Section 40B Of The Insurance Act, 1938   Read More
  Star Health Promoters To Dilute Stake (2010-11-13)
Star Health Promoters To Dilute Stake   Read More
  ULIPs To Charge For Fund Switching (2010-11-12)
ULIPs To Charge For Fund Switching   Read More
  Aegon Religare Life Insurance Is Expecting Its Online Sales To Contribute 10 Per Cent Of Its Total S (2010-11-12)
Aegon Religare Life Insurance Is Expecting Its Online Sales To Contribute 10 Per Cent Of Its Total Sales In The Next 12 Months   Read More
  Karnataka Bank Eyes Rs 100 Cr In Life Cover Premiums (2010-11-12)
Karnataka Bank Eyes Rs 100 Cr In Life Cover Premiums   Read More
  Corporation Bank Keen To Tap Strategic Relationship With LIC (2010-11-12)
The Bank Is Keen On Setting Up Branches In LIC's Branches And Divisional Offices.   Read More
  Aegon Religare Sees Potential In Child Plans (2010-11-12)
Aegon Religare Life Insurance Company Ltd Today Said That There Is Growing Interest In Taking Child Insurance Plans In The Country Both To Secure Their Future And Also Help During The Course Of Education   Read More
  Aegon Religare Looks To Change Product Mix (2010-11-12)
Private Life Insurer Aegon Religare Has Refiled Three Of Its Unit-linked Products With The Insurance Regulator To Comply With The New Regulations, And Looks To Change Its Product Mix Going Forward.   Read More
  Policy Papers To Show Agency, Broker Details (2010-11-12)
The Life And Non-life Insurance Companies Will Now Have To Display The Agency Code, Name And Contact Details Prominently On The First Page Of The Policy Document.   Read More
  ING Life Launches Unique Child Product (2010-11-11)
ING Life India Launched A New Child Insurance Product "ING Aashirwad" That Helps Parents Plan For Their Child's Future Goal And Thereafter Protect Its Life Without Any Additional Cost   Read More
  Product-ING Prospering Life New ULIP From ING Life (2010-11-09)
ING Life Insurance Today Launched A New Unit Linked Insurance Product-ING Prospering Life Which Meets Wealth Accumulation And Protection Needs Of The Customers   Read More
  Insurance Scheme For The Poor, Rashtriya Swasthya Bima Yojana (RSBY) : Govt (2010-11-09)
The Union Cabinet Will Consider Including The Country’s Four Million-plus Domestic Workers Into Its Flagship Insurance Scheme For The Poor, Rashtriya Swasthya Bima Yojana (RSBY), After Adding Street Vendors To The Eligible Categories Last Week   Read More
  HDFC Standard Life Hopes To Break-even In FY12 (2010-11-09)
Insurer HDFC Standard Life Insurance Company Ltd Expects To Break-even In The 2011/12 Financial Year, Helped By An Increase In Premium Income And Reduction In Operating Costs   Read More
  Regulators To Help Improve Disclosures, Profitability And Ensure Consumer Protection (2010-11-09)
India's Growing Consumer Class, Rising Insurance Awareness And Increasing Domestic Savings And Investments Are Among The Most Critical Factors That Have Positively Driven The Market Penetration Of The Insurance Products Among Its Consumer Segments.   Read More
  You May Soon Be Able To Switch Health Insurers (2010-11-09)
One Of The Important Initiatives Of The Regulator Is The Proposed Portability Of Health Insurance. This Is To Ensure That A Customer Continues To Enjoy Benefits Under His Health Policy Even If He Wishes To Change His Insurance Provider For Genuine Reasons   Read More
  Irda Bans All Forms Of Credit Insurance By Non-life Cos (2010-11-09)
The Non-life Insurance Industry Has Been Barred From Selling Any Form Of Credit Insurance, Following State-owned Insurer Oriental Insurance Facing Claims Up To Rs 400 Crore On A Cover Granted To Paramount Airways. Companies That Provide This Cover Have Termed The Reaction Knee Jerk And Fear That It Will Have Repercussions On The Economy.   Read More
  LIC Gets RBI Nod To Issue Pre-paid Cards To Clients (2010-11-09)
In A Move That Will Create A New Business Opportunity For India’s Largest Insurer, The Life Insurance Corporation Of India’s Card Division Has Received Permission To Issue Pre-paid Cards Into Which Policy Benefits Will Be Credited.   Read More
  Keep Watch For Fake Insurance Salesmen: IRDA (2010-11-09)
The Insurance Regulatory And Development Authority (IRDA) Has Warned The Public To Watch Out For Unscrupulous Persons Selling Insurance Policies By Claiming To Be The Regulator's Representatives.   Read More
  Mediclaim, Motor Insurance Portability Soon: Irda (2010-11-09)
Insurance Regulator Irda Today Said That Mediclaim Policy Holders, Who Are Not Satisfied With The Services, Will Soon Be Able To Switch Service Providers At The Same Premium.   Read More
  SBI Life Insurance Launches Ulip Product (2010-11-09)
SBI Life Insurance Today Said That It Has Launched A New Unit-linked Insurance Plan (Ulip) Called Saral Maha Anand.   Read More
  Reliance Life Launches Highest NAV Advantage Ulip Plan (2010-11-09)
ADAG Group Company, Reliance Life Insurance, Today Launched Of A Unit Linked Insurance Plan (Ulip) That Address Long-term Wealth Creation And Protection Needs Of Customers.   Read More
  Insurers Can Take Over Loans Of Only Govt-guaranteed Projects (2010-11-09)
Life Insurance Companies May Be Allowed To Take Over Banks Long-term Infrastructure Loans.   Read More
  Irda Suspends Universal Policies (2010-11-09)
The Insurance Regulatory And Development Authority (Irda) Has Suspended Sale Of Universal Life Policies (ULPs), Which Were Being Promoted As An Alternative To Unit-linked Insurance Plans, From October 23   Read More
  Insurers Seek To Invest In Gold, Fund Of Funds (2010-11-09)
Regulator Not In Favour Of Insurance Firms Dabbling In Commodities.   Read More
  LIC For Higher Premium For Aam Aadmi Scheme (2010-11-09)
Group Insurance Scheme Was Introduced By The Centre For The Landless Agricultural Labourers   Read More
Archive News Related to Insurance
  New Agency Licensing Portal  (2010-06-07)
He New Agency Portal Has Come Into Operation From On 5th January, 2010. In Connection With The Operation Of The Said Portal, The Following Clarifications/instructions Are Issued By This Authority For Compliance. 1: Insurer Must Ensure That The CIE Of The Corporate Agent Is Issued A Certificate Entitling Him To Solicit Business On Behalf Of The Corporate Agent.   Read More -->
  Insurance : Guaranteed, But Low Returns On Pension Plans (2010-06-28)
A Pension/annuity Plan Will Offer Guaranteed Annual Returns Of 4.5 Per Cent — Just 1 Per Cent More Than The Savings Deposit Rate Of 3.5 Per Cent. This Rate Could Change At A Later Date. Also, Partial Withdrawals From Pension Plans Will Not Be Allowed During The Accumulation Phase. At Maturity, One-third Of The Amount Will Be Commuted. The Rest Will Have To Be Used To Purchase An Annuity. The Same Will Be Applicable In Case A Policy Is Surrendered. Though The Rate Of Return Specified In Pension Plans Is Low, Banning Of Partial Withdrawal Is A Positive Move Because Buyers Of Pension Plans Need To Look At Long-term Planning.
It Is Not Yet Clear Whether The Guaranteed 4.5 Per Cent Is Simple Interest Or Compounded. However, Financial Planners Feel The Rate Of Return Is Low, Given That A Five-year Reserve Bank Of India Bond Or Six-year National Savings Certificate Offers Eight Per Cent .   Read More -->
  Irda To Regulate Telemarketing Of Insurance (2010-06-07)
The Insurance Regulatory And Development Authority (Irda) Has Now Proposed To Streamline The Promotion Of Insurance Products Through Distance Sales Channels, Such As The Telephone And The Internet.   Read More -->
  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 -->
  MINIMUM GUARANTEED RETURN FOR PENSION PRODUCTS : IRDA (2010-07-09)
As Regards Pension Products, All ULIP Pension/annuity Products Shall Offer A Minimum Guaranteed Return Of 4.5% Per Annum Or As Specified By IRDA From Time To Time. This Will Protect The Life Time Savings For The Pensioners, From Any Adverse Fluctuations At The Time Of Maturity.   Read More -->
  Policyholders′ Protection Fund (2010-08-22)
The Premium Growth Of The Insurance Industry, Following The Liberalization Of The Insurance Markets In 2000 Permitting The Entry Of Private Indian Promoters And Their Minority Shareholding Foreign Partners; Has Been Showing Signs Of Unrestrained Dynamism. The Detariffing Measure Implemented Since 2007 In The Non-life Insurance Industry, And The Introduction Of ULIPs In Life Insurance; Have Added More Spice To The Competitive Growth Instincts Of The Insurers. There Has Been No Looking Back For The Insurers Ever Since, Despite The Mounting Underwriting Losses.   Read More -->
  Insurance : Medical Benefit (2010-06-28)
What Will Make A Difference Is That All Ulips, Other Than Pension Plans, Will Now Need To Provide Either A Medical Or Death Benefit. The Death Benefit Has To Be 10 Times The Annual Premium As Cover For Policyholders Under The Age Of 45 And Seven Times For Those Over 45. The Death Benefit Will At No Time Be Less Than 105 Per Cent Of Premium, Including Top-ups. This Is Double The Five-time Annual Premium Stipulated Earlier. Even Top-up Premiums Will Get Insurance Cover.
The Medical Cover Per Annum Has To Be A Minimum Of Five Times The Annual Premium, Or Rs 1 Lakh, Whichever Is Higher, For Someone Below 45 Years Of Age. For Policyholders Above 45, It Has To Be A Minimum Of Five Times The Annual Premium Or Rs 75,000, Whichever Is Higher. For People With Dependents, The Need For Cover Will Be Much Higher. So, One Will Need To Purchase A Separate Health Insurance Policy Despite This.   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 -->
  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 -->
  ULIP DISCONTINUANCE OF CHARGES : IRDA (2010-07-09)
IRDA Has Also Addressed The Issue Of Discontinuance Of Charges For Surrender Of ULIPs. The IRDA (Treatment Of Discontinued Linked Insurance Policies) Regulations Brought Out By IRDA In This Regard Ensure That Policyholders Do Not Get Overcharged When They Wish To Discontinue Their Policies For Any Emergency Cash Requirement. The Regulations Stipulate That An Insurer Shall Recover Only The Incurred Acquisition Costs In The Event Of Discontinuance Of Policy And That These Charges Are Not Excessive. The Discontinuance Charges Have Been Capped Both As Percentage Of Fund Value And Premium And Also In Absolute Value. The Regulations Also Clearly Define The Grace Period For Different Modes Of Premium Payment. Upon Discontinuance Of A Policy, A Policyholder Shall Be Entitled To Exercise An Option Of Either Reviving The Policy Or Completely Withdrawing From The Policy Without Any Risk Cover. Further, The Regulations Also Enable IRDA To Order Refund Of Discontinuance Charges In Case They Are Found Excessive On Enquiry.
These Regulations Are Applicable To All New ULIP Products Approved By IRDA After These Regulations Are Notified.   Read More -->
  Round 1 To Irda: Ban On Sale Of Ulips Lifted (2010-04-12)
Regulators To Jointly Seek Binding Legal Mandate On Unit-linked Insurance Products   Read More -->
  LIC To Invest Rs 2 Lakh Cr In 2010-11 (2010-06-17)
Life Insurance Corporation Of India (LIC) Is Looking To Invest Up To Rs 2 Lakh Crore In Various Asset Classes, Including Equity And Debt Markets, During The Current Financial Year.   Read More -->
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