Budget 2021: Need to bring back some tax incentives for insurance, says LIC’s Vipin Anand

Pension and group schemes businesses have started picking up, said Vipin Anand, Managing Director of the Life Insurance Corporation of India (LIC India), on Monday. After a sharp deceleration in November, the life insurance industry saw a good recovery in December.

Speaking with CNBC-TV18, Anand said, “Pension and group scheme business which now constitutes a substantial portion of our business has started picking up. In the previous month also we had a substantial contribution from this channel.”

On budget expectations, he said, “We do feel there is a need for bringing back some of the tax incentives for insurance, which existed almost a decade ago because this is a sector which contributes hugely to provide long-term funds for national development and this should work good both for the government as well as the insurance sector.”