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NEW DELHI, FEB. 11. A cess on insurance premium is likely to be levied in the Union Budget to build a ``catastrophe fund'' for meeting exigencies such as terror strikes and national calamities.

Official sources told PTI that the fund was needed to be built from the cess on insurance premium as no insurance company could bear the huge cost otherwise.

Also, if one planned to insure such catastrophe, the premium would be so high that it would not be cost effective, the sources said.

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