Health budget
Insurance companies hope that the upcoming general budget will provide them many tax benefits including concessions for insurance and healthcare sectors. Finance Minister Nirmala Sitharaman will present the General Budget for FY 2025-26 on February 1. SBI General Insurance Managing Director (MD) and Chief Executive Officer (CEO) Naveen Chandra Jha said that by 2047, to achieve the goal of ‘Insurance for all’, initiatives like ‘Insurance Sugar’ to get regulatory and financial support to get regulatory and financial support. hopefully. CEO Sarabveer Singh, joint group CEO of Insurance Platform Policy Market and Financial Services Platform Money Market, PBPFINTEC’s joint group CEO Sarabveer Singh advocated a change in tax rules under Section 80C and 80D in the insurance sector.
Need to change tax rules
He said, “One of the most important reforms in the insurance sector needs a change in tax rules under Section 80C and 80D. The payment limit under 80C is currently Rs 1,50,000, which has not changed for the last few years. It also includes other essential things like PPF and debt, which left people less scope for their important financial decisions. ” Tarun Chugh, MD and CEO of Bajaj Allenj Life, said that India’s economic growth offers several opportunities to increase financial strength for the insurance sector. He said, “Life insurance annuity products can be effectively developed by connecting the tax deduction of products with the National Pension Scheme (NPS) and solving the issue of tax on the basic component of annuity products.”
Insurance access
According to the annual report of the Insurance Regulatory and Development Authority of India (IRDA), the country’s insurance access was 3.7 percent in 2023-24 compared to four percent in 2022-23. The reach of life insurance industry declined marginally to 2.8 percent during 2023-24 in 2022-23. Recourse regarding non-life insurance industry was the same at one percent during 2023-24. IFFCO Tokyo General Insurance MD and CEO Subrata Mandal said that the Union Budget provides an essential opportunity to the government to implement reforms, which can resolve the challenges of the industry and encourage widely adopting insurance products. Is. Sameer Bansal, MD and CEO of PNB Metlife said that one of our expectations for the upcoming budget are for pension and support for annuity schemes.
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