LIC policies to become expensive from October 1

by Admin on July 17, 2013 · 0 comments · Insurance

LIC policies to become expensive from October 1, 9.0 out of 10 based on 1 rating

Life Insurance Corporation of India’s (LIC) policies will become expensive more from October 1, according to a media report.

The public sector insurer will charge service tax of around 3% on the premiums paid on all non-unit-linked products from October 1, the report added.

LIC collected premiums worth Rs. 1.87 trillion from its non-unit linked polices in 2011-12.

At present, private insurers charge service tax to the premium paid by customers, LIC has not been charging this tax on its endowment and money-back plans.

Recently IRDA (Insurance Regulatory and Development Authority) mandated that service tax shall not be included in the contractual premium, but collected from policyholder separately.


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Admin July 17, 2013

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