Tuesday, 6 August 2013

From Oct, service tax to make LIC policies pricier

 From October, LIC policies will cost more. Life Insurance Corporation, which accounts for 83 per cent of the market share, will levy service tax of around 3 per cent on all non-unit-linked products beginning October 1.
This means if the annual premium for your money-back policy from LIC is Rs 10 lakh, you will have to pay an additional Rs 30,000.
While private insurers add a service tax component to the premium paid by customers, LIC has not been levying the tax on its popular endowment and money-back plans.

From October, however, all LIC policies will attract a separate service tax, says a senior company official.

Resource:
http://www.thehindubusinessline.com/industry-and-economy/banking/from-oct-service-tax-to-make-lic-policies-pricier/article4877994.ece

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