The insurance regulator has written to the government seeking changes in provisions of the Direct Taxes Code (DTC) which mandates a minimum level of cover on a life policy, says report.
Speaking on the sidelines of the 14th Global Conference of Actuaries in Mumbai on Monday, IRDA chairman J Harinarayan reportedly said that there are some provisions in the DTC which it felt were not in the best interest of the industry.
DTC has proposed that life cover should be 20 times the (annual) premium, Harinarayan reportedly said.
Reports stated that the DTC is a new tax legislation that provides tax relief and eliminates exemptions.