High base and a change in product mix are expected to impact margins of life insurance companies during the last quarter of fiscal year 2023-24 (Q4 FY24), according to analysts. In March 2023, there was a surge in the sale of high value non-participating policies after the Union Government’s revision in taxation norm. The government removed the tax exemption on the maturity amount of insurance policies (excluding unit linked insurance plans or ULIPs) with an aggregate premium exceeding Rs 5 lakh. The norm came into effect on April 1, 2023.
Valuations in Indian markets have become reasonable: Mirae's CIO Surana
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