“The upcoming budget is anticipated to be consumer focused. In line with the same, we are hopeful that the 80C tax benefit is enhanced from the current Rs 1.5 Lakh. Additionally, for greater focus on risk management across protection and long-term savings, a specific 80C sub limit solely for life insurance is desirable. Government needs to emphasise on increasing domestic consumption to bring back the growth momentum. For an individual, the income tax exemption limit can be raised from the current limit of Rs 3 lakh. This will provide a boost to the middle-income and lower-income population. Another area that could be further enabled is that of pension and retirement by moving annuity pay-outs into an EEE regime (Exempt Exempt Exempt) regime from the current EET (Exempt Exempt Tax) structure”.
RM Vishakha, MD & CEO, IndiaFirst Life Insurance
Published 29 January 2020, 11:48 IST