India budget 2024: wishlist of the insurance sector
Nirmala Sitharaman
India's upcoming Budgetis all set to have certainimplications for the insurance sector, most notably from a consumer point of view.
Experts and industry leaders are looking at a fewreforms that are likely to render insurance within reach and affordable for most people across the nation.
The top wish list is tax reforms.
The current tax structure, which recently waived off life insurance product exemptions, can be improved further.
Experts believe that theattractiveness of life insurance as an investment avenue will increase even further.
This would align it more with other financial instruments that receive beneficial tax treatment.
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In addition, many sections, such as 80c and 80d sections of the Income Tax Act, request to raise the tax exemption limits. This change is requiredbecause more people will be inclined to invest in insurance-related policy matters.
This will, in turn, lead to a surge in the adoption of insurance policies between the different demographics.
For consumers, the changes brought forth will make insurance products simple and less costly.
It could help to ease the financial burden for policyholders by lowering the GST, for instance, on health insurance premiums.
The burden, especially on middle-income and senior citizens, has been quite heavy with rising healthcare costs.
Even for individual tax benefits, this could be extended for various categories: cyber insurance and insurance against electric vehicles, for example.
Overall, the union budget 2024 presents an opportunity for the government to address longstanding demands of the insurance sector, aiming to broaden coverage and improve financial security for all citizens.
These potential reforms are poised to create a more favourable environment for insurers and consumers. They will also foster growth and resilience in India's insurance industry. But, will Finance Minister Nirmala Sitharaman address the wishlist from the insurance sector?
These questions shall be answered in the budget on July 23.