life insurance policies

PRESS RELEASE Ref: –         Date: 10-02-2011 Portability of Health Insurance Policies There have been several representations from consumer associations and policyholders for enabling portability of health insurance policies from one insurer to other insurer.  Persons shifting from one region to other regions are many times put to disadvantage due to lack of insurers’ office providing [...] Full Article

Premium Punch:- At present, premium payment for a life insurance policy is tax-exempt provided the premium amount is not more than 20 per cent of the sum assured. Similarly, any sum received under a life insurance policy – be it money back at regular intervals, death benefit, maturity benefits, including bonus and loyalty additions – is tax-free. Full Article

Long-term life insurance policies are expected to grow in popularity if the EET (exempt exempt tax) regime under the proposed Direct Tax Code comes into force by 2011.According to Mr G.V. Nageswara Rao, Managing Director and CEO, IDBI Fortis Life Insurance, customers would choose long-term policies if the Government decides to tax the final lump sum of matured policies. Full Article

Insurance companies have asked the government to shift to the new tax regime under the Direct Tax Code only for those policies sold after the proposed Code came into effect from April 2011. The draft code, circulated for public comments, had suggested that life insurance policies should be taxed at the time of maturity. So, the [...] Full Article

Any sum received under a life insurance policy including any bonus thereon will be exempt, only if the premium does not exceed 5% of the capital sum assured and such sum is received only upon completion of the original period of contract or upon the death of the insured. Full Article