 "Business Standard Insurance Round Table 2020")
Even as Finance Minister Nirmala Sitharaman did away with most income-tax deductions in the new tax regime announced in her Budget for 2020-21, the insurance industry remains unfazed and confident of retaining customers. They, however, maintain that removing tax incentives given for putting money in insurance is disservice to customers.
"If tax-saving was a sweetener, we will figure out a way to work without the sweetener. Indian consumers buy insurance for a variety of reasons, and tax incentives stand much lower on the list. But the move will surely make some impact, as it directly affects customers," said RM Vishakha, MD
