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Lic To Pass On Service Tax Burden

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BUSINESS STANDARD
Last Updated : Jan 28 2013 | 12:40 AM IST

The Life Insurance Corporation (LIC) is planning to transfer the 5 per cent service tax proposed to be levied on premiums from next fiscal to its customers. The service-tax liability on existing policies will also be transferred to policyholders.

Senior LIC executives told Business Standard the corporation would follow the example of general insurance companies which have transferred the burden to policyholders.

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First Published: Mar 15 2002 | 12:00 AM IST

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