Whalesbook
Life Insurance Corporation (LIC) has urged the government to consider key tax and regulatory changes in the upcoming Union budget. Proposals include reclassifying insurance GST as 'zero-rated' instead of 'exempt' to allow input tax credit (ITC) claims, which would protect insurer margins. LIC also seeks to increase the tax-free maturity proceeds limit to ₹10 lakh annually to attract high-value customers and proposed regulatory flexibility for infrastructure investments, aiming to boost policy sales and channel long-term funds into national development.