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Pre- Budget Expectation: DHFL Pramerica Life Insurance

DHFL Pramerica Life Insurance expect the FDI limit to increase from 26% to 49%.

July 09, 2014 8:50 IST | India Infoline News Service
“The forthcoming budget is an excellent opportunity for the Government to fulfill its promise of high economic growth. There is a clear need to announce significant measures that will fuel growth momentum and confidence in the economy. At the same time, the government will need to further its efforts to contain the fiscal deficit and control inflation. Expenditures must be made in areas that will have a long term impact on the economy viz. education, infrastructure, and health. Within education, we feel there is a strong need for financial literacy.

At the insurance industry level, we would expect the FDI limit to increase from 26% to 49%. This will bring in much needed capital to the industry and support market development and insurance penetration in the country. We would also like the Finance Minister to provide meaningful tax incentives to generate more demand for insurance policies including a raise in income tax deduction limit, bigger tax deduction threshold under section 80-C/ a separate limit for life insurance premium under section 80-C, removal of service tax on life insurance products, and tax exemption on annuities.”

The author is Anoop Pabby, MD & CEO, DHFL Pramerica Life Insurance.

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