Budget 2021 Expectations – Pensions products require tax parity with NPS to increase penetration, Aditya Birla Sun Life Insurance MD and CEO says
Budget 2021 Expectations - The Budget 2021 will be made keeping in mind the economic situation of the country, Kamlesh Rao, Managing Director (MD) and Chief Executive Officer (CEO) of Aditya Birla Sun Life Insurance opines. The government will also likely keep the Coronavirus Pandemic in mind while preparing this year's budget, he added
Budget 2021 Expectations - The Budget 2021 will be made keeping in mind the economic situation of the country, Kamlesh Rao, Managing Director (MD) and Chief Executive Officer (CEO) of Aditya Birla Sun Life Insurance opines. The government will also likely 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 their long term savings in insurance policies so that this money could be used at the time of their retirements or any unforeseen situation.
See Zee Business Live TV Streaming Below:
As far as the pension is concerned, the government did a very good thing by creating a separate deduction in NPS (National Pension System) of Rs 50,000, the MD said.
The pension products of life insurance which are similar to NPS platform do not get the same treatment, so one of the things that the industry looks forward to is that the government should give a parity.
Watch Zee Business Tweet Video Below:
#BudgetWishlist : लाइफ इंश्योरेंस और हेल्थ इंश्योरेंस के लिए अलग सेक्शन में छूट मिलें: कमलेश राव, MD & CEO, आदित्य बिड़ला सन लाइफ इंश्योरेंस #BudgetOnZee @FinMinIndia @nsitharamanoffc @nsitharaman @Anurag_Office @abslifein @KamleshDRao pic.twitter.com/ZCW8Wgc3x2
— Zee Business (@ZeeBusiness) January 14, 2021
He said that there are 24 life insurance companies and the might of the distribution capabilities of all of them put together is huge. This will help the sector to enhance its distribution capabilities further.
To have a tax parity is one of the expectations, Rao said.
Another thing is that, it has been seen that the cost of hospitalisation and unforeseen death has been very high because of the pandemic situation. The government should create a separate deduction to increase its penetration, he suggested.
The budget is only a fortnight away and will be presented by Union Finance Minister Nirmala Sitharaman on 1 February.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Special Live Trading Session on Saturday: Know why BSE, NSE will remain open on May 18; check timings
Gold and Silver rate today (May 16, 2024): Yellow metal futures subdued; white metal hits record high breaches Rs 87,000 mark
SBI Senior Citizen FD Rates: What Rs 1 lakh, Rs 3 lakh, and 5 lakh investments will give you in 1-, 3- and 5-year FDs
Top 7 SIP Mutual Funds in 1 Year: What Rs 10,000, Rs 15,000, and Rs 20,000 SIPs have given in each fund
06:01 PM IST