2 October 2013 – Daily Current Affairs LIC-Logo-2 1) Life insurance policies of Life Insurance Corporation of India (LIC) became costlier from 1 October, 2013 due to an IRDA guideline that came into effect from this date. What guideline is this? – Levy of 3% service-tax on all non-unit-linked products beginning 1 October 2013 (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 1 October, however, all LIC policies will attract a separate service tax. In a recent announcement, insurance watchdog IRDA (Insurance Regulatory and Development Authority) mandated that service tax shall not be included in the contractual premium, but collected from policyholder separately. LIC is the largest life-insurance provider in India with a market share of around 83%)[divider scroll_text="
Posted on: Wed, 02 Oct 2013 15:23:19 +0000
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