Tax on high premium policies wont impact insurance penetration, says FM Sitharaman

The budget presented on Wednesday proposed that annual income from insurance policies beyond the aggregate premium of Rs 5 lakh a year will be taxed from the coming fiscal year. The new rule does not include returns from unit linked insurance plans (ULIPs) and the amount received on the death of a person insured via term plans. Sitharaman said that the move must not be looked as one against another.

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