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Life insurance favoured policy in India

Mon, 05 Jan 2009

A nationwide life insurance survey in India has found that the financial crisis has pushed life insurance into being the most preferred tax saving insurance policy .

ICICI Prudential Life Insurance surveyed 900 participants around the country, and found that life insurance was becoming more popular. The life insurance company reportedly commented: "79 per cent people prefer life insurance vis-à-vis other tax saving instruments like post office savings, equity Linked Saving Schemes and fixed deposits ."

Life insurance may have grown in popularity because of its security, easy payments and good service. The company reportedly continued: "Awareness on the tax exemption levels under various sections is low, it said, adding only 17% of respondents in the three metros are aware of the maximum amount that can be invested under life insurance for availing tax benefit. About 16% of the respondents are aware of 80c, under which a policy holder can save tax."
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