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The New Business Premium (NBP) of Life Insurance Corporation declined by 50.41 percent on an annual basis in April 2023 to Rs. 5,810.1 crore was watched. Sources say that this has happened after a sharp decline in group single premium. Single premium of state-owned LIC increased by 65.76 per cent to Rs. 2,899.63 crores. While the individual single premium increased by 23.07 per cent to Rs. 1,014.47 crores. New business premiums for the entire life insurance industry saw a 30 percent year-over-year decline in April. However, private sector companies reported a year-on-year decline of 8.5 per cent in NBP. Earlier this year, LIC Chairman M.R. Kumar said that some exemption in taxation related to insurance is necessary, as it is not a luxury product like jewelery or perfume, which can be taxed on a large scale. Life insurance was considered attractive for 4-5 years due to Section 80C of Income Tax rules. It was reserved only for insurance policies.
In the Union Budget 2023-24, Finance Minister Nirmala Sitaram from 2023-24 to Rs. Tax proposed on insurance premium above Rs 5 lakh. According to an industry analyst if you spend Rs. If you have a policy with a premium of more than 5 lakhs or if you have more than one policy, the amount received will be taxed. However, this will include only policies purchased from the new year. According to analysts, the change in tax norms has reduced the attractiveness of returns on such products. Tax proposed on insurance premium above Rs 5 lakh. According to an industry analyst if you spend Rs. If you have a policy with a premium of more than 5 lakhs or if you have more than one policy, the amount received will be taxed. However, this will include only policies purchased from the new year. According to analysts, the change in tax norms has reduced the attractiveness of returns on such products. Tax proposed on insurance premium above Rs 5 lakh. According to an industry analyst if you spend Rs. If you have a policy with a premium of more than 5 lakhs or if you have more than one policy, the amount received will be taxed. However, this will include only policies purchased from the new year. According to analysts, the change in tax norms has reduced the attractiveness of returns on such products.
LIC shares fall by 40 percent in one year of listing Shares of public sector insurance company LIC have seen a 40 percent decline since listing. The company has in May 2022 Rs. 949 per share was offered. However, on Wednesday, the stock was Rs. 570 was seen on the surface. The market cap of the company is Rs. There was a shortfall of Rs 2 lakh crore. The market cap of the company was Rs 100 on Wednesday. 3.60 lakh crore Rs.
