Online financial consultancy portal PolicyBazaar has suggested that the Finance Ministry give separate tax relief to those buying pure life insurance cover or term insurance.
In a letter dated December 15, PolicyBazaar has suggested the government introduce a separate tax deduction of ₹20,000 for pure life insurance cover beyond the existing Section 80C deduction of ₹1.5 lakh.
PolicyBazaar made the recommendations on the basis of a letter from the Finance Ministry asking all insurance companies to send in insurance sector-related suggestions for the upcoming Budget 2018-19.
