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Budget proposals change the narrative for private life insurance firms

As nearly 30-40% of premium inflow draws support from tax incentives, private insurers stare at weak earnings growth in FY21

Hamsini Karthik 

The life insurance sector felt an unprecedented jolt when the Union Budget introduced the new optional regime for personal income tax, which while lowering rates takes away most deductions and exemptions which individuals could avail for subscribing to insurance products.

A move, which could be particularly detrimental to private life insurance, saw stocks of HDFC Life, SBI Life, ICICI Prudential Life (I-Pru Life) and Max Financial Services (holding company of Max Life Insurance) plunge 6–13 per cent on Saturday. “While the business for FY20 may be secure, there is now ...

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First Published: Sun, February 02 2020. 22:52 IST
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