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Life Insurance Premium to Cost More
Life Insurance Premium to Cost More after Finance Minister Pranab Mukherjee said in his 2011-12 Budget speech

The government today proposed to increase the service tax on life insurance policies to 1.5 per cent from 1 per cent, a move that would increase the premium cost for policyholders.

″It is being provided that tax shall be charged in the portion of the premium... the composition rate is also being increased from 1 per cent to 1.5 per cent,″ Finance Minister Pranab Mukherjee said in his 2011-12 Budget speech.

In case of traditional endowment plans, the service tax rate has been increased from 1.03 per cent to 1.545 per cent.

  
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Source : http://www.custbase.com
More News Headline
  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‚Äôs 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‚Äôs Largest Insurer, The Life Insurance Corporation Of India‚Äôs 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 -->
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Group Insurance Scheme Was Introduced By The Centre For The Landless Agricultural Labourers   Read More -->
Previous Month News
Archive News Related to Insurance
  IRDA, Sebi Chiefs Meet Chawla To Resolve Ulip Row (2010-04-13)
Sebi Chairman C B Bhave And IRDA Chief J Harinarayan Had Separate Meetings With Finance Secretary Ashok Chawla Today On The Ongoing Tussle Between The Two Regulators Over Equity-linked Insurance Schemes   Read More -->
  The Company Plan To Rope In Private Equity Partners And Local Partners To Expand In Other Countries  (2010-06-17)
The General Insurance Council Will Meet The Central Board Of Direct Taxes (CBDT) Officials On June 23 To Seek A Withdrawal Of A Proposed Capital Gains Tax In The Direct Tax Code, Released On Tuesday. The Revised Draft Has Proposed Capital Gain Tax On Income From Equity Investment Of Non-life Insurance Companies. If The Proposal Is Implemented In The Current Form, It Will Result In Around 20-25 Per Cent Reduction In Profit After Tax (PAT) Of Non-life Insurance Companies   Read More -->
  Life Insurance Policy Selection ... (2010-07-29)
Many People See Life Insurance As A Means To Use Tax Concessions. Whilst The Tax Deductibility Of Premiums Is A Nice Bonus From Taking An Insurance Policy, It Certainly Isnít The Primary Reason For Insurance. World-wide, Life Insurance Takes Up A Sizable Chunk Of Household Income, Even When There Are No Tax Breaks.

Insurance Policies Are Designed To Meet The Various Financial Needs That People Have. Just As Different Types Of Shoes Meet The Various Needs We Have (For Example: Slippers Keep Your Feet Warm And Boots Protect Your Feet From Rough Ground And Dirt).   Read More -->
  Buying A Policy In India Is Cheaper (2010-08-13)
Students Going Abroad For Studies Need To Have An Insurance Cover. And The Good News Is That Purchasing The Cover In India, If The Country Or The University Allows You To Do So, Is A Cheaper Option.   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 -->
  LIC To Close Market Plus-1 Today (2010-07-09)
State-owned Life Insurance Corporation (LIC) Of India Will Close One Of Its Most Attractive Unit-linked Pension Plans- Market Plus-1 In Its Present Form From June 30 This Year.   Read More -->
  6 Insurers Fined Rs 50 Lakh (2011-01-05)
Six Insurance Companies Were Fined To The Tune Of Rs 50 Lakh By The Insurance Regulatory And Development Authority (IRDA) During 2009-10 For Various Violations.   Read More -->
  Not Much Room For Differentiation Between ULIP Products (2010-08-31)
The New Guidelines On ULIPS Which Will Be Effective From September 1st Onwards Will Bring About Standardization/ Uniformity In ULIPS In Terms Of Minimum Prescribed Return, Cost Structure, Lock In Period And Surrender Charges.   Read More -->
  LIC India Samridhi Plus - ULIP Plan First 100 Months Highest NAV (2011-03-02)
This Plan Offers Payment Of Fund Value At The End Of Policy Term, Based On Highest Net Asset Value (NAV) Over The First 100 Months Of The Policy, Or The NAV As Applicable On The Date Of Maturity, Whichever Is Higher. NAV Of The Fund Will Be Subject To A Minimum Of Rs 10/-. This Plan Is Available For Sale For A Maximum Period Of 3 Months From The Date Of Launch.   Read More -->
  Unclaimed Amount Of Policy Holders (2010-12-28)
Unclaimed Amount Of Policy Holders Increase Year On Year.   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 -->
  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 -->
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