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.
Bu hikaye Business Standard dergisinin February 15, 2023 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin February 15, 2023 sayısından alınmıştır.
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