Indian insurance companies are eyeing multiple tax exemptions from the central government in the upcoming Union Budget to enhance attractiveness and affordability of insurance products, thereby promoting greater penetration nationwide. Life insurance companies have called for tax deduction on annuities as well as lower goods and services tax (GST) on their other products. Further, the industry is also hoping that the government will tweak the new tax regime to include tax exemption for life insurance products. Currently, the new tax regime does not allow any exemptions on these products, which were allowed under 80C in the old tax regime.
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