Expectations for Budget 2021- Budget 2021 is created with the economic situation of the country in mind. Kamleshurao, Managing Director (MD) and CEO are the opinions of Aditya Birla Sun Life Insurance. The government is also likely to keep the coronavirus pandemic in mind while preparing this year’s budget, he added.
As far as the life insurance sector is concerned, people put long-term savings into their insurance policies so that this money can be used at retirement or in unforeseen circumstances.
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As far as pensions are concerned, the MD said it did a very good job by creating an individual deduction of Rs 50,000 for the NPS (National Pension System).
Life insurance annuity products similar to the NPS platform do not receive the same treatment, so one of the expectations of the industry is that the government needs to offer an equivalent.
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He said there are 24 life insurance companies and the combined distribution power of all of them is enormous. This helps the sector further strengthen its distribution capacity.
Achieving tax equality is one of the expectations, Lao said.
Another thing is that the cost of hospitalization and unexpected death has been found to be very high due to the pandemic situation. He suggested that the government needed to create another deduction to increase its penetration.
The budget is only two weeks apart and will be presented by Federal Finance Minister Nirmala Sitharaman on February 1.
2021 Budget Forecast – Pension products require taxes equivalent to NPS to increase penetration, said Aditya Birla Sun Life Insurance MD and CEO.
Source link 2021 Budget Forecast – Pension products require taxes equivalent to NPS to increase penetration, said Aditya Birla Sun Life Insurance MD and CEO.