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India introduced new tax rules for some LIC clients

India's Central Board of Direct Taxes (CBDT) published updated taxation rules for high yield life insurance policies. Now, any amount received under a life insurance policy with an annual premium of more than 500,000 Indian rupees will be taxed.
India introduced new tax rules for some LIC clients

New leadership removes incentives for high-return policies. However, the reform introduces tax incentives for heirs. Now they are exempt from paying taxes after the policyholders’ decease. Experts believe that the innovation will have a positive impact on the retirement annuity market.

Another benefit is the abolition of taxes on investment life insurance (UL) policies. This change may have a negative impact on endowment life insurance products but will positively affect the country's stock market.

Source: https://www.insurancebusinessmag.com/asia/news/life-insurance/india-announces-new-tax-rules-for-highpremium-insurance-policies-456987.aspx.

Photos are from open sources.

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