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My Budget Wishlist
Nani Javeri, CEO,
Birla Sun Life Insurance
What are your hopes from the coming budget bring for the
insurance sector?
Our expectations from the budget are largely in 3 areas:
- A complete withdrawal or atleast a reduction of the 12.5%
tax being levied on the actuarial surplus (policy holder
fund) for a Life Insurer.
- An increase in the qualifying amount under Sec 80 CCC
from Rs.10,000 to Rs.50,000 (Kelkar committee had recommended
an increase to Rs. 20,000)
- Increase / Status quo atleast in the benefits for Insurance
premium under Sec 88 of the Income Tax
What changes will the Budget 2003-04 bring for pension
products and annuities?
The qualifying amount under sec80CCC is expected to be increased
in line with the recommendations of the IRDA as well as the
Kelkar Committee.
How far according to you will the finance minister increase
the tax exemption for annuities and pensions from the present
Rs 10000/- and also the Section 88 benefits?
We hope it will be increased to Rs.50,000 but the general
expectation is about Rs.20,000 at the least
How far will the recent entry of intermediaries in the
insurance sector boost risk cover sales?
Very much because the distribution reach is bound to increase
multifold and hitherto untapped customer segments will also
be reached out to.Especially the intermediaries such as banks
are expected to really give a fillip to the process of insurance
seling with customised products to their customers
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