Insurance industry disappointed

The Budget for 2009-10 did not go down well with the insurance industry, which expected tax concessions on several schemes and a roadmap for raising the foreign direct investment cap to 49%. From the life insurance industry perspective, we were expecting the finance minister to give a road map for the Insurance Bill. In that regard, the Budget was a disappointment, said MetLife India Insurance managing director Rajesh Relan. Further, no investment incentives were extended to life insurance. The life insurance industry will continue to grapple with the other asset classes under the current exemption limit of Rs 1 lakh ...

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