General insurance companies have sought tax breaks to boost demand for their products and improve insurance penetration.
Insurers said that there is a need for a separate dedicated limit (beyond section 80C) to enable customers get tax deductions on the premium paid.
Insurers have also suggested that government should provide tax deductions on the provisions made by the general insurers towards natural calamities such as earthquake.
To give a boost to the general insurance industry, finance minister, P. Chidambaram, is focusing on four main issues – steps needed to improve growth in the general insurance industry, greater penetration, regulatory and tax changes.
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