News From Press Life insurers to see drop in high-ticket non-par product sales

Life insurers to see drop in high-ticket non-par product sales

Source: Financial Express Feb 3, 2023

The life insurance industry is likely to witness a drop in sales of high-ticket non-participating products from April following tax-related Budget announcements. Leading private sector life insurers like HDFC Life Insurance, ICICI Prudential Life Insurance, SBI Life Insurance and Max Life Insurance are expected to take a hit as the government proposes to tax income from all non-ULIP products i.e. par and non-par, where aggregate insurance premium paid in a year exceeds Rs 5 lakh.

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