Budget 2023 – Why you should buy Term Life Insurance
On February 1, 2023 presentation of the budget, the government proposed that income from policies issued on or after April 1, 2023 with an aggregate premium of more than Rs. 5 Lakhs would no longer be tax-exempt.
This means that maturity benefits receivable on traditional insurance plans such as Endowment and Money-back plans will be taxable if their yearly premium exceeds Rs. 5 Lakhs.
While these new rules would NOT be applicable to ULIP plans, this naturally makes traditional insurance plans less attractive as a savings instrument.
In such a scenario, you would be better off investing your money in other investments, while using a term-life insurance to cover your risk of death or disability.
insurancepe recommends term-life insurance.
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