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Interview of Sam Ghosh,CEO of Bajaj Allianz
Life Insurance & Country Manager, Allianz
(Date: 2nd March 2006)
Union Budget 2006-'07
Reactions from Mr. Sam Ghosh
Overall the impact of budget has been positive on insurance
especially considering the exclusions made under Fringe
Benefit Tax.
Another upbeat change is that a contribution up to Rs 1
lakh made towards superannuation fund is kept out of the
fringe benefit tax scope. So investment up to Rs 1 lakh
per employee in Group Superannuation Scheme is now allowed.
Also, the limit on pension schemes, which was earlier
Rs 10,000, has been raised to a limit Rs 1 lakh. Hence the
customers can now invest the entire amount of Rs 1 lakh
in pension schemes. This in turn will encourage long-term
savings. So the insurers can expect more business volumes
from pension and superannuation schemes.
However, the FDI hike to 49% was something; the insurance
sector had been waiting for. But no such mention was made
in the budget. So we are keenly looking forward to the Insurance
Bill, which will be introduced soon.
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