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Insurance employees oppose tax on premium

By Our Staff Correspondent

MANGALORE, OCT. 10. The Insurance Employees' Union, affiliated to the All-India Insurance Employees' Association, of Udupi division has opposed the collection of service tax on insurance premium.

A press release from Nagesh Kumar K., regional secretary of the union, here said with the President giving assent to the Finance Bill, 2005, the tax could be collected from new and existing policyholders. The release said the association would carry out a nation-wide signature campaign from policyholders against the move. The aim was to collect 25-lakh signatures on a memorandum and submit it to the Union Finance Minister, P. Chidambaram.

Noting that the Life Insurance Corporation of India (LIC) serviced nearly 17-crore policies, the release said the tax would be a burden on policyholders.

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