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Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
According to the Union Budget 2023, only life insurance policy income with a premium of up to ₹5 lakh will be free from taxation. Read ahead to know all about it.
The Union Budget 2023 is a comprehensive report that covers all aspects of the economy, including tax policies, public spending, and revenue generation.
In this year’s budget, the government has proposed significant changes in the tax exemption policies above ₹5 lakhs annually. This move has created a lot of buzz in the financial and tax circles as it is likely to impact the income of a large section of the population. In this article, we will delve into the details of the proposed changes and analyze their impact on individuals earning above ₹5 lakhs.
Life insurance is a crucial financial tool for ensuring the financial security of one’s family. With the recent Union Budget 2023, there have been several changes in the tax rules and exemptions for life insurance policies.
As per the new proposal, the premium paid for life insurance policies with a sum assured of more than the premium for ₹5 lakh life insurance will be exempt from taxation under Section 80C of the Income Tax Act. This will help in providing tax relief to individuals who invest a significant amount in life insurance policies and also make such policies more attractive for people who are looking for long-term investment options.
Understanding Policy Premiums, Maturity Amount, and Tax Rules
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
