The India Watch

Interim Budget 2024: The Life Insurance Industry Requests a Different Tax Deduction Aside From 80C

<p>Delhi, New: A number of industries have high expectations for the next Budget, which is scheduled to be presented in Parliament on February 1 by Finance Minister Nirmala Sitharaman.</p>
<p><img decoding=”async” class=”alignnone wp-image-364411″ src=”” alt=” interim budget 2024 the life insurance industry requests a different tax deduction” width=”1078″ height=”616″ title=”Interim Budget 2024: The Life Insurance Industry Requests a Different Tax Deduction Aside From 80C 15″ srcset=” 700w,×86.jpg 150w” sizes=”(max-width: 1078px) 100vw, 1078px” /></p>
<p>The life insurance sector believes that, in addition to the current 80C regulations, there would be a separate tax deduction limit for life insurance, with a focus on the term insurance category.</p>
<p>This would encourage people to get life insurance plans and foster a feeling of long-term stability. There could be a chance to take another look at the tax code pertaining to annuity and pension products. Retirement planning could become more appealing and accessible if the current Rs 50,000 tax exemption, which is applicable to the National Pension Scheme under Section 80CCD(1B), were extended to include pension and annuity plans provided by insurance companies. This would encourage people to choose insurance-based pension and annuity products. Additionally, these adjustments will level the playing field and promote healthy competition within the sector, according to Pankaj Gupta, MD, CEO of Pramerica Life Insurance.</p>
<p>Gupta said that the insurance industry envisions a continuance of the infra-capex and self-reliance themes, despite the fact that the 2019 budget is a Vote on Account.</p>
<p>“When considering the economy as a whole, the government’s unwavering support of the ‘Make In India’ effort will contribute to higher capital investment and higher long-term productivity. From 12% of overall expenditure in FY20 to 22% in FY24, CAPEX has increased. The government will probably continue to prioritize capital expenditures since the private sector’s recovery is still in its early stages. We anticipate 20–25% annual growth in FY25,” Gupta said.</p>

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