WEALTH CREATION
The outlook for the Indian life insurance industry looks promising with growth projections of 12-15% CAGR for the next five years. There also lies a significant opportunity to improve insurance penetration from its current level of 3.4%*. The growth potential for this sector continues to ride on several factors, including country’s favorable demographics, increased consumer awareness, a supportive government focused on business-friendly policies and the insurance regulator promoting customer-centric products and practices.
In India, life insurance acts as a social security measure. According to industry reports, the current life cover in India does not address even 10%** of the total protection requirement in the country. An additional exemption under Section 80C will encourage people to buy adequate life insurance to protect their family’s financial future, while getting a tax benefit.
We are delighted to see that the GST Council has made significant headway towards resolving the tax administration issues. We look forward to more clarity emerging on the same along with a favorable view on lower tax rates for an essential service like life insurance.
In addition to the above, we would request the Government to consider a revision of Section 10(10D). Currently, to avail tax benefits, the yearly premium for the life insurance policy cannot exceed 10% of the sum assured or life cover. This makes it difficult for individuals in a higher age bracket and customers of single premium policies to avail tax benefits while protecting their families. We would request the Government to relook at this limit and increase it to 20% as was the case earlier (upto March 2012).
The life insurance sector plays a pivotal role in driving economic growth, financial protection, job opportunities and development of infrastructure in the country. The above recommendations would enable the sector to contribute more effectively in the above.
*IRDAI report
**Swiss Re Study 2015
To know more about Term Insurance browse the website for various Term Plans, Long Term Savings offered by PNB MetLife
Disclaimer:
The aforesaid article presents the view or an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ before making any decision.
PNB MetLife India Insurance Company Limited, Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka.
IRDAI Registration Number 117. CI No: U66010KA2001PLC028883. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale.
The marks “PNB” and “MetLife” are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
Call us Toll-free at 1-800-425-6969 Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203
EC338 LD/2019-20/354
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As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.
PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance Plans, Term Plan, Protection Plans, Long Term Savings Plans , Retirement Plans & Child Education Plan.
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