Tuesday, March 28, 2023
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HomeMarketStocksBudget 2023: Life insurance cos tank up to 11% on demand worries

Budget 2023: Life insurance cos tank up to 11% on demand worries

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)

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