Budget 2023: Separate exemption in income tax on a premium payment of life insurance, MD of Bajaj Allianz kept his point

Tarun Chugh, Managing Director and Chief Executive Officer, Bajaj Allianz Life, has given his stand on the expectations from the government in the Union Budget 2023. He has said that the general budget is an opportunity to implement new reforms for the betterment of the citizens and the nation at large. As a participant in the life insurance sector, our prime interest has always been to insure as many citizens as possible and ensure that people have adequate coverage.

Chugh said, "Our concerted efforts in this direction will get a boost if the government fixes a separate tax exemption limit on the amount of premium paid for life insurance during the general budget of the year 2023. He said that We would also request the government to bring life insurance annuity or pension products at par with NPS, especially from the point of view of tax reduction." Tarun Chugh said that we believe this will help citizens to plan regular income after retirement in an effective manner.

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