Excelsior Correspondent
JAMMU, July 19: A delegation of LIC employees of Jammu & Kashmir, under the banner of Northern Zone Insurance Employees’ Association, Srinagar Division, affiliated with All India Insurance Employees’ Association, met with Member of Parliament, Jammu Constituency, Jugal Kishore Sharma and submitted him a memorandum on the issues concerning Insurance Industry with a request to raise the same in Parliament.
The delegation was led by Com Pawan Gupta-Divisional Secretary NZIEA Srinagar Division, Com Romesh Chand-General Secretary Insurance Pensioners’ Association Jammu & Kashmir, Vikas Bali-senior insurance adviser, Raj Kumar Sharma-Joint Secretary, Dinesh Sharma-vice president, Raj Kumar, Kishore Lal, Dharminder Kumar, Neelam Sharma, Shunali Gupta, Madhul Saini, Harkesh Singh, Ashok Birpuri, Manmeet Singh, Jang Bahadur, Gunvinder Singh.
Apprising the MP that both life insurance and medical insurance premiums attract a GST rate of 18 per cent, the delegation said that levying GST on life insurance premium amounts to levying tax on the uncertainties of life. The person who covers the risk of life’s uncertainties to give some protection to the family should not be levied tax on the premium to purchase cover against this risk, they said.
Similarly, the 18 per cent GST on medical insurance premium is proving to be a deterrent for the growth of this segment of business which is socially so necessary, said the delegation and appealed the MP to raise the issues in Parliament.
The delegation also demanded no further dilution of Government equity from the LIC, consolidation of public sector general insurance companies viz; National Insurance, New India Assurance, Oriental Insurance and United India Insurance, differential treatment to savings by way of life insurance by giving separate and substantial exemption limit for life insurance premiums over and above Rs150000 under sec 80(c) of Income Tax Act, enhancement of family pension to general insurance family pensioners at a uniform rate of 30 per cent and introduction of a universal pension scheme for unorganised sector.
The MP assured the delegation to take up these issues at the top level.
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