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Watch Out – the Impact on Insurance Policies in Budget 2012

At the first glance, there was no significant announcement on the insurance sector in the Budget. However, there are some amendments tucked away in the voluminous Budget documents that could have far-reaching implications on the way you treat insurance. To begin with, all regular-premium life insurance policies issued after April 1, except pension plans, will have to offer a protection cover of at least 10 times the annual premium. Otherwise, they will not be eligible for tax benefits under section 80C and 10 (10D).
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