Single-premium insurance products were under the scanner of Insurance Regulatory and Development Authority (IRDA) as being risky. IRDA has relented after life insurance companies convinced IRDA that single-premium business is not disproportionate to the overall business and that there is a big market for these. The Union Budget for 2012-13 has made it mandatory for life insurance policies issued after 1st April this year to offer risk protection of at least 10 times the annual premium of the policy to be eligible for the tax benefit under Sections 80C and 10(10D) of the Income-Tax Act. Many of the existing single-premium products are low on insurance component.
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30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
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Where can i get the clear information about IRDA's new regulations. If single premium policies are not providing 10 times insurance coverage then are they eligible for proportionate tax benefit or not.
How LIC's Beema Bachat , Jeevan Vrudhhi are going to get affected .
I have ask this to you because LIC's website is not updated.
Thanks
Sandeep K.
Pune