Within the FY24 Price range, the federal government introduced that revenue earned from all life insurance coverage insurance policies, excluding unit-linked insurance coverage (ULIPs), with a premium of above Rs 5 lakh can be taxable.
That is relevant for brand spanking new insurance policies, issued submit April 1, and never for the present ones.
This successfully means taking away the tax-free benefit from conventional insurance coverage if the annual premium is above Rs 5 lakh.
Shares of nosedived 12% to Rs 510.30, whereas plunged 9% to Rs 1,119. The nation’s largest life insurer () declined 5% to Rs 618.40. plummeted 10% to Rs 752.10. dropped 7% to Rs 397.25.
(Disclaimer: Suggestions, options, views and opinions given by the consultants are their very own. These don’t signify the views of Financial Instances)
