Budget 2024 reduces TDS on life insurance policy payout from 5% to 2%, Now get a higher payout on these case

In the Budget 2024 proposal, it has been announced that the payout from your life insurance policy will be higher due to a reduction in the TDS (Tax Deducted at Source) rate to 2%. The explanatory memorandum of Budget 2024 states, "It is proposed that TDS under section 194DA of the Act be reduced from 5% to 2%".