News From Press How wholelife plans can help transfer tax-free wealth to next generation

How wholelife plans can help transfer tax-free wealth to next generation

Source: Business Standard Mar 2, 2023

Budget 2023 has proposed that starting from April 1, income from insurance policies (other than Ulips) whose premium (or aggregate premium for several policies) exceeds Rs 5 lakh in a year will be taxed at slab rate. Death benefit will remain tax exempt. Many financial experts expect wholelife plans (including those with a premium exceeding Rs 5 lakh) to be sold aggressively in the aftermath of this change.

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