Including the likes of LIC, SBI, HDFC and Max Life,
Suffered a big blow after the 2023-24 Union Budget announced its new tax rules📉
🟡What the Budget says-
“It is proposed to provide that where the aggregate of premium for life insurance policies (other than ULIP) issued on or after 1st April 2023 is above Rs 5 lakh, income from only those policies with aggregate premium up to Rs 5 lakh shall be exempt.”