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My Budget Wishlist
Shikha Sharma,
Managing Director, ICICI Pru Life Insurance
- What are your hopes from the coming budget bring for
the insurance sector?
The world over, pensions have been driven by tax exemptions,
and hopefully the government this year will also present
a budget that encourages long-term, retirement savings so
that each person can build their own retirement kitty.
- What benefit will the budget bring for investors /
policyholders of insurance?
Insurance is an essential financial product for any person
who supports a family, which is largely the case in India.
The budget should outline steps that continue to encourage
persons to buy life insurance and pay their premiums on
a regular basis. Benefits u/s 88 and tax benefits should
continue, if not be increased.
- What changes will the Budget 2003-04 bring for pension
products and annuities?
Hopefully, the budget will see an increase in the tax exemption
for pension plans go up to Rs 20,000 from the present Rs
10,000, as recommended by the Kelkar committee. We would
also like to see the double taxation on retirement-related
schemes removed. Under the current regulations, any savings
for retirement above Rs 10,000 level are out of taxable
income, and the annuity which is purchased with the kitty
is also taxed.
- What will be the implications of the Kelkar committee
report?
We expect the government to encourage long-term savings
through pensions, based on the Kelkar committee report.
- What are your overall expectations from the budget?
The budget should encourage long-term savings amongst the
masses.
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