News Life and Health02 Feb 2023

India:Union Budget to cap tax exemption on life insurance maturity benefits

02 Feb 2023

Finance Minister Nirmala Sitharaman, in her annual Union Budget speech yesterday, proposed to provide that where the aggregate of premiums for life insurance policies (other than unit-linked insurance policies [ULIPs]) issued on or after 1 April 2023 is above INR500,000 ($6,115), income from only those policies with an aggregate premium up to INR500,000 shall be exempt from income tax.

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