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Rediff.com  » Business » Increase FDI limits in insurance from 26% to 49%

Increase FDI limits in insurance from 26% to 49%

March 14, 2012 19:20 IST
Deepak Sood, MD & CEO, Future Generali India Life Insurance Co, says:

i) Encourage domestic savings by providing tax incentives for investment in insurance and pension schemes

ii) Increase in present limit of tax exempt savings from Rs. 1 lakh to Rs. 1.5 lakh

iii) Allow higher FDI limits in Insurance ( from 26% to 49%)

iv) Provide clarity on process and timelines for implementation and roll out of tax schemes like DTC and GST

v) In DTC there should be separate limit for life insurance as well as for pension plans. Also in DTC, life insurance plans should have same treatment as is available presently i.e. premium paid under plans where insurance cover exceeds five times of premium, should be deductible for tax purposes and maturity should also be tax exempt in such cases
Improve credit off take via access to banking for the people in rural areas by expediting the process of granting new banking licenses

vi) Separate limit for National Pension Scheme which should include pension products of life insurers

Union Budget 2012-13: Complete coverage
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