The Union Budget 2023-24 has proposed to tax high-value policies with premium aggregating to 5 lakh per year to plug the arbitrage that high-net worth individuals HNIs) are using to get tax-free returns on policies through Section 10(10D).
The industry, however, feels the classification of HNIs aggregate premium over 5 lakh per year is a matter of concern because most who invest in the non-ULIPs are essentially looking to build a corpus for their post-retirement life. Hence, at their 40s or 50s they could end up paying 5 lakh aggregate premium with not-so-high incomes. So, premium cannot define the level of wealth.
Diese Geschichte stammt aus der February 15, 2023-Ausgabe von Business Standard.
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Diese Geschichte stammt aus der February 15, 2023-Ausgabe von Business Standard.
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Changes in policy terms must be conveyed
Mustafa Pithawala had taken a home loan of ₹20,11,101 from Tata Capital Housing Finance on October 19, 2015. To secure its repayment, he was covered under ICICI Lombard Group Secure Mind Policy, valid from October 23, 2015, to October 22, 2020. This policy also covered personal accident and major medical illnesses and procedures such as coronary artery bypass graft surgery (CABG).
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