Life Insurance is a key as well as popular segment in India. The insurance industry in the country is undergoing multiple disruptions in its functioning, according to reports. Recently, a committee constituted by the Irdai had suggested host of changes in the life insurance sector. The Modi government in the upcoming Union Budget 2018 should enhance deduction of Life Insurance Premium under Section 80C of the Act, FICCI says. “Section 80C of the Act basically provides for a deduction up to Rs. 150,000 for investments made in various savings instruments such as mutual funds, bank deposits along with long term savings in life insurance plans, pension plans, etc.
75 years to reach per capita income of $2730, will take only 5 years to add another $2000, FM Sitharaman
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