Awareness, affordability, and attractiveness: Insurance sector's budget wishlist
2 months ago

Awareness, affordability, and attractiveness: Insurance sector's budget wishlist

Live Mint  

The Union budget 2025 has provided a good opportunity to consider measures that can further support the insurance sector, which is fundamental to fostering a secure and resilient economy, supporting both individual and collective financial well-being. This wishlist focuses on three key areas that merit attention and action: improving public awareness, enhancing the affordability of basic insurance products, especially for more vulnerable segments, and increasing the attractiveness of insurance to drive penetration for basic coverages. Health insurance, recognized as a crucial tool to ensure the financial protection and access to quality healthcare for the masses, remains underpenetrated, despite existing tax incentives under Section 80D of the Income Tax Act. Improving Attractiveness Introducing a separate tax deduction category for life insurance and other basic insurance products such as home insurance would significantly enhance their appeal. Similarly, a separate deduction category for life insurance products, especially term life and pension plans, would boost the penetration of these essential coverages in India.

India Insurance Awareness Tax Products Insurance Products Budget Wishlist  insurance  health  adoption  tax  products  support  segments  attractiveness  affordability  sectors  financial  budget  wishlist  awareness  measures

History of this topic

How Insurance is Reaching India’s Tier-2 and 3 Cities - Bridging the Awareness Gap
1 month ago

How Insurance is Reaching India’s Tier-2 and 3 Cities - Bridging the Awareness Gap

Deccan Chronicle  

The financial landscape in India has undergone significant changes in recent years, especially in the wake of the COVID-19 pandemic, which highlighted the importance of financial security and protection products. Despite this change, financial literacy continues to be a challenge in India’s tier-2 and tier-3 cities, particularly in the realm of insurance awareness. The expansion of digital platforms and agent …

Insurers seek Budget support for tax incentives, more global participation, push for health cover
1 month, 3 weeks ago

Insurers seek Budget support for tax incentives, more global participation, push for health cover

Live Mint  

Insurance companies are looking at government support for the sector through Budget announcements that enhance accessibility, simplify tax benefits, and encourage innovation in insurance products. “The government might table the Insurance Laws Bill 2024 in the Budget session, therein proposing a score of changes to capital requirements, permissible FDI limit, opening up of the agency channel, minimum capital requirements and …

Why Union Budget 2025 can enhance insurance and healthcare access for all
2 months ago

Why Union Budget 2025 can enhance insurance and healthcare access for all

Firstpost  

While we are getting ready for the forthcoming budget, it is the time to address reforms that might make insurance and healthcare more inclusive, reasonably priced, and easily available. Reducing GST rates on health and life insurance premiums will assist to relieve family financial load and provide these important protections within the reach of more households. Further improving access to …

Why do Indian consumers ignore term insurance?
2 months ago

Why do Indian consumers ignore term insurance?

The Hindu  

In this world, nothing can be said to be certain, except death and taxes. Term insurance needs to be part of any prudent financial plan especially during the income generating years of the family’s breadwinners. Insurance in India is largely a push product and often, sales advisors don’t push term insurance as it has a lower ticket size than other …

Budget 2025: 5 key expectations from India's insurance sector
2 months, 1 week ago

Budget 2025: 5 key expectations from India's insurance sector

India Today  

The Union Budget 2025 is expected to play an important role in shaping India’s insurance sector. This can allow them to focus on product innovation and customer service.” FDI REFORMS The insurance sector hopes for simplified procedures for Foreign Direct Investment, as increasing FDI limits could bring in more capital. "The Union Budget 2025 presents a significant opportunity for growth …

Insurers eye tax benefits, incentives in Union Budget
2 months, 1 week ago

Insurers eye tax benefits, incentives in Union Budget

The Hindu  

Insurers are seeking tax benefits for buyers and incentives for selling policies in their wishlist for the upcoming Union Budget as the country is projected to emerge as the G20's fastest-growing insurance market. Balachander Sekhar, co-founder & CEO of RenewBuy, said the Union Budget provides excellent opportunities to pump up the insurance sector, which is hoping for a reduction in …

2024 in Review: The future of life insurance – trends to watch for 2025
2 months, 4 weeks ago

2024 in Review: The future of life insurance – trends to watch for 2025

Live Mint  

The year 2024 has been transformative for India’s life insurance sector, marked by regulatory advancements, evolving customer needs, and innovative product developments. Customer-centric Innovations powering product evolution Post-pandemic customer preferences have reshaped life insurance products. Trends Shaping 2025 Several key trends are expected to shape the life insurance sector in 2025: Rising demand for long-term savings products amid market volatility. …

Budget 2024: Health insurers seek more attractive tax incentives—and a regulator
8 months, 3 weeks ago

Budget 2024: Health insurers seek more attractive tax incentives—and a regulator

Live Mint  

In the interim budget for 2024-25 presented in February, finance minister Nirmala Sitharaman increased the government’s allocation towards the health sector by nearly 14%. “To enable better retail health insurance penetration, the government can consider categorising them under a separate HSN code and lowering the tax to 5%," says Parimal Heda, chief investment officer, GoDigit General Insurance. The tax on …

4 key trends shaping the future of life insurance for the millennials and Gen Z
1 year ago

4 key trends shaping the future of life insurance for the millennials and Gen Z

Live Mint  

Millennials have disrupted many industries, and insurance is not an exception. In the dynamic landscape of the Indian life insurance industry, a transformative shift is underway, with prime focus on providing tailored financial protection for the next generation. By providing clear information and eliminating confusing jargon, insurers can build trust and make it easier for millennials to make informed decisions …

Interim Budget 2024 Wishlist: Insurance Industry Expects Higher Deductions for Medical Insurance Premiums
1 year, 2 months ago

Interim Budget 2024 Wishlist: Insurance Industry Expects Higher Deductions for Medical Insurance Premiums

News 18  

Written By Ramkumar S & Bijal Khara: The Union Budget 2023 was a bitter pill to swallow in many ways for the insurance sector, stemming from the fact that increased limit under Sections 80C and 80D, separate deduction for home insurance, relook at GST rates, and tax-free status for pension/annuity were not considered in the Budget. This impacted life insurance …

Budget 2023: What Insurance Industry Demands to Boost Insurance Penetration in India
2 years, 2 months ago

Budget 2023: What Insurance Industry Demands to Boost Insurance Penetration in India

News 18  

The Union Budget 2023 — the most eagerly awaited financial event of the year — is just around the corner. Since the growth in the insurance sector has the potential to directly aid India’s global aspirations, Budget 2023 could prove to be a catalyst for its reformation. Here are a few expectations the insurance sector has from this year’s Budget: …

Investing In A Life Insurance Policy Is The Need Of The Hour
3 years ago

Investing In A Life Insurance Policy Is The Need Of The Hour

The Quint  

In a world full of uncertainties, all of us want something safe, secure, and tangible to hold on to, especially in adverse conditions when the going can get tough. Recently, the Life Insurance Council surveyed over 12,000 people across 40 cities to understand the India’s perception towards life insurance. 64% of the respondents surveyed across cities in South India believed …

Budget 2022: Up to Rs 1 Lakh Income Tax Relief for Insurance Premiums? What Experts Say
3 years, 2 months ago

Budget 2022: Up to Rs 1 Lakh Income Tax Relief for Insurance Premiums? What Experts Say

News 18  

Union Budget 2022: Finance minister Nirmala Sitharaman will present the Union Budget 2022 at the Parliament on February 1, which is a week away. The industry has long pending expectations from the policy makers for incentivizing people to get life insurance by giving a separate deduction limit of minimum INR 1 lakh for insurance premium payment under Section 80C,” said …

Budget 2021: ’Govt should focus on making insurance more than a tax saving tool’
4 years, 2 months ago

Budget 2021: ’Govt should focus on making insurance more than a tax saving tool’

Live Mint  

Union Budget 2020 must initiate some new measures to make insurance policies more attractive and customer-friendly, insurance players have demanded. "Having a separate tax deduction towards insurance premiums, over and above the current 80C limit, similar to one allowed for NPS. Implementing either of the proposed recommendations will aid in bridging the protection gap in the country," says Rushabh Gandhi, …

Budget 2018 has taken steps in the right direction to increase penetration of insurance in India
7 years, 1 month ago

Budget 2018 has taken steps in the right direction to increase penetration of insurance in India

Firstpost  

As expected, Budget 2018 focused on the rural economy and the healthcare sector. Premium towards health insurance would now be exempt up to Rs 50,000 allowing senior citizens to opt for better coverage to match the increased healthcare cost. The lowering of corporate tax rates for SMEs is a good move and it would be great if more SMEs would …

Tax incentives for insurance can help widen coverage
7 years, 2 months ago

Tax incentives for insurance can help widen coverage

The Hindu  

India is a country where social security measures are negligible and penetration of insurance products is low. “Investment is thus fragmented without proper planning across different categories under section 80C of the Income Tax Act and insurance premium / plan is generally the balancing figure within the ₹1.5 lakh limit for tax purposes,” said Parag Mathur, general counsel and head …

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