To deepen the penetration of insurance in the country, Finance Minister Arun Jaitley should give additional tax deduction for buying life insurance and remove service tax on term insurance, say industry experts.
A term insurance provides highest cover at minimal cost because it offers death-only benefit, with no survival benefits.
"To make insurance more popular in a country where there is no social security, there should be a separate window for deduction on life insurance premium," says Girish Kulkarni, MD & CEO of Star Union Dai-Ichi Life Insurance. Currently, one can claim a deduction of up to Rs. 1.5 lakh on the life insurance premium paid under Section 80C.
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