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Union Budget 2016: Insurers seek tax sops for term, home insurance in Union Budget

Insurance companies are seeking additional tax benefits for those investing in life insurance products for a longer tenure, apart from making special provisions for home insurance in the upcoming Union Budget.<br>

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Union Budget 2016: Insurers seek tax sops for term, home insurance in Union Budget

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  1. Union Budget 2016: Insurers seek tax sops for term, home insurance in Union Budget Insurance companies are seeking additional tax benefits for those investing in life insurance products for a longer tenure, apart from making special provisions for home insurance in the upcoming Union Budget 2016. Rajesh Sud, MD & CEO of Max Life Insurance said that life insurance products that are long term with tenure of 10 years and above should be given tax exemption over and above the current limits of Rs 1.5 lakh. He added that financial savings should be encouraged by giving more money in the hands of people. Low penetration of insurance has been a concern in the country. With tax incentives, insurers believe more number of individuals will be motivated to buy an insurance policy. Read our full coverage on Union Budget 2016 With the insurance regulator also pushing for more protection or pure term products, insurers have also sought a separate exemption limit for term insurance.

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