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Death benefit changes in life insurance need taxation alterations: Report

Thursday, November 29, 2018, 9:15 AM

A proposal by insurance regulator to reduce death benefit under certain life insurance products to seven-times from ten-times the annual premium may impact business, said a report. An analysis by internal-experts at international actuarial and consulting firm Milliman said tax deductibility provisions for life insurance contracts need to be amended. A large percentage of the population uses life insurance as a tax saving tool.

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