Service Tax
" In pursuant to the proposed Finance Bill 2012 and subsequent notification no.3/2012 Service Tax (Amendment) Rules, 2012 issued by Government of India, Service tax rules stand changed effective 1st April'12. Additional conditions apply. Kindly consult a tax expert to understand service tax applicable on various financial / insurance services. Service Tax is subject to amendments & Interpreptations"

Income Tax
On policies issued on or after 1st April, 2012, income tax benefit under section 80C shall apply only to the extent of ten percent of minimum sum assured during the entire term of the policy. Additional conditions apply. On policies issued on or after 1st April, 2012, income tax benefit under section 10(10D) shall be available if premium payable for any of the years during the term of the policy do not exceeds ten per cent of minimum sum assured during the entire term of the policy. Additional conditions apply. However, in the event of death, sum received under any Life Insurance Policy continue to be exempt. Additional conditions apply. Kindly consult a tax expert to understand income tax applicable on various financial aspects.