Odisha News, Odisha Latest news, Odisha Daily - OrissaPOST
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
No Result
View All Result
OrissaPOST - Odisha Latest news, English Daily -
No Result
View All Result

Insurance policies where premium is above Rs 5L no more tax exempt

IANS
Updated: February 1st, 2023, 15:01 IST
in Business
0
Insurance policies where premium is above Rs 5L no more tax exempt

Pic- IANS

Share on FacebookShare on TwitterShare on WhatsAppShare on Linkedin

New Delhi: Insurance policies where the premium is over Rs 5 lakh will no longer be tax exempt, as per the provisions in the Union Budget 2023-24.

Kapil Mehta, Co-founder, SecureNow Insurance Broker said the income from traditional insurances where the premium is over Rs 5 lakh will not be tax exempt. While, this will dampen the interest of individuals to buy high value traditional insurances, it will increase the focus on term plans and pure risk covers which is good.

Also Read

Electric vehicle

EV prices to match that of petrol vehicles in 4-6 months: Gadkari

17 hours ago

Dengue positivity on the rise in Odisha, finds PharmEasy study

18 hours ago

A concern is that it should not result in a significant shift towards purely investment oriented unit link insurances, Mehta said.

Arihant Bardia, CIO and Co Founder, Valtrust said if premium paid on insurance policies (excl. ULIP) exceeds Rs 5 lakh in a year, then the proceeds from those policies will be taxable (except in case of death benefit).

Bardia said this is negative for insurance — as it will impact savings products which are usually high value and margin products (though not protection). However, smaller policies remain unaffected. Overall a negative for insurance companies as it will impact the high value premium policies — thus impacting overall industry GWP growth.

A similar provision was already introduced for ULIPs in 2021 wherein the aggregate premium was restricted to Rs 2.5 lakh in a year for tax exempt proceeds”, said Bardia.

Mehta said improvements in ease of doing business specifically, the changes pertaining to simplification of the KYC process, one stop solution for identity and address updating, common business identifier, unified filing, and entity digilocker will make placement of insurances easier. Claims payment would also be facilitated.

Changes in personal income tax will increase personal disposable income. This will result in individuals ability to buy better, higher-value insurances to manage their risk, Mehta said.

IANS

Tags: EconomyFinanceFY24IndiaNirmala SitharamanUnion Budget 2023
ShareTweetSendShare
Suggest A Correction

Enter your email to get our daily news in your inbox.

 

OrissaPOST epaper Sunday POST OrissaPOST epaper

Click Here: Plastic Free Odisha

#MyPaperBagChallenge

Archana Parida

December 12, 2019
#MyPaperBagChallenge

Ramakanta Sahoo

December 12, 2019
#MyPaperBagChallenge

Kamana Singh

December 12, 2019
#MyPaperBagChallenge

Anup Mahapatra

December 12, 2019
#MyPaperBagChallenge

Aman Kumar Barisal

December 12, 2019
#MyPaperBagChallenge

Manas Samanta

December 12, 2019
#MyPaperBagChallenge

Akshaya Kumar Dash

December 12, 2019
#MyPaperBagChallenge

Sipra Mishra

December 12, 2019
#MyPaperBagChallenge

Sarfraz Ahmad

December 12, 2019
#MyPaperBagChallenge

Ipsita

December 12, 2019
?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
#MyPaperBagChallenge

Dibya Ranjan Das

December 12, 2019
#MyPaperBagChallenge

Parbati Mohanty

December 12, 2019
#MyPaperBagChallenge

Adrita Bhattacharya

December 12, 2019
#MyPaperBagChallenge

Pratik Kumar

December 12, 2019
#MyPaperBagChallenge

Adweeti Bhattacharya

December 12, 2019
#MyPaperBagChallenge

Priyasha Pradhan

December 12, 2019
#MyPaperBagChallenge

Mandakini Dakua

December 12, 2019
#MyPaperBagChallenge

Pratik Kumar Ghibela

December 12, 2019
#MyPaperBagChallenge

Archit Mohapatra

December 12, 2019
#MyPaperBagChallenge

Pratyasharani Ghibela

December 12, 2019
#MyPaperBagChallenge

Keshab Chandra Rout

December 12, 2019
#MyPaperBagChallenge

Anasuya Sahoo

December 12, 2019
#MyPaperBagChallenge

Praptimayee Biswal

December 12, 2019
#MyPaperBagChallenge

Swarit Praharaj

December 12, 2019
#MyPaperBagChallenge

Lopali Pattnaik

December 12, 2019
#MyPaperBagChallenge

Sibarama Khotei

December 12, 2019
#MyPaperBagChallenge

Saishree Satyarupa

December 12, 2019
#MyPaperBagChallenge

Bijswajit Pradhan

December 12, 2019
#MyPaperBagChallenge

Mrutyunjaya Behera

December 12, 2019
#MyPaperBagChallenge

Surya Sidhant Rath

December 12, 2019

Archives

Editorial

Chinese H-1B

Pic- IANS
October 7, 2025

When US President Donald Trump’s administration in a new fiat, made the coveted H-1B visa available to foreigners at a...

Read moreDetails

Toxic Syrup

Cough syrup
October 6, 2025

Drug adulteration is a major scourge in India where an unholy nexus of the all-powerful pharma industry and unscrupulous doctors,...

Read moreDetails

List of Lowlights

October 5, 2025

At the end of every year, the organisation I represent puts out a report on human rights in India. This...

Read moreDetails

Double Standards

DILIP CHERIAN
October 4, 2025

When the screen at Prime Minister Modi’s rally in Banswara went dark for ten minutes, the fallout was swift: Rajasthan’s...

Read moreDetails
  • Home
  • State
  • Metro
  • National
  • International
  • Business
  • Editorial
  • Opinion
  • Sports
  • About Us
  • Advertise
  • Contact Us
  • Jobs
Developed By Ratna Technology

© 2025 All rights Reserved by OrissaPOST

  • News in Odia
  • Orissa POST Epaper
  • Video
  • Home
  • Trending
  • Metro
  • State
  • Odisha Special
  • National
  • International
  • Sports
  • Business
  • Editorial
  • Entertainment
  • Horoscope
  • Careers
  • Feature
  • Today’s Pic
  • Opinion
  • Sci-Tech
  • About Us
  • Contact Us
  • Jobs

© 2025 All rights Reserved by OrissaPOST

    • News in Odia
    • Orissa POST Epaper
    • Video
    • Home
    • Trending
    • Metro
    • State
    • Odisha Special
    • National
    • International
    • Sports
    • Business
    • Editorial
    • Entertainment
    • Horoscope
    • Careers
    • Feature
    • Today’s Pic
    • Opinion
    • Sci-Tech
    • About Us
    • Contact Us
    • Jobs

    © 2025 All rights Reserved by OrissaPOST