According to a report by ANI, bringing all citizens above 70 years under the ambit of the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana would benefit an additional six crore senior citizens, said the government.

The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday, approved the health coverage to all senior citizens aged 70 years and above, irrespective of income, under the flagship health security scheme.

This aims to benefit approximately 4.5 crore families with six crore senior citizens with 5 lakh rupees free health insurance coverage on a family basis. The ANI report further stated that, with this approval, all senior citizens of age 70 years and above, irrespective of their socio-economic status, would be eligible to avail the benefits of the scheme. The eligible senior citizens would be issued a new distinct card under the health security scheme.

The senior citizens of age 70 years and above belonging to families already covered under the scheme will get an additional top-up cover of up to Rs 5 lakh per year for themselves (which they do not have to share with the other members of the family who are below the age of 70 years).

All other senior citizens of the age 70 years and above will get a cover up to Rs 5 lakh per year on a family basis. Senior citizens aged 70 years and above who are already availing benefits of other public health insurance schemes such as the Central Government Health Scheme (CGHS), the Ex-Servicemen Contributory Health Scheme (ECHS), and the Ayushman Central Armed Police Force (CAPF) may either choose their existing scheme or opt for Ayushman Bharat.

It has been clarified that senior citizens of 70 years and older who are under private health insurance policies or the Employees’ State Insurance scheme will be eligible to avail benefits under Ayushman Bharat. 

Ayushman Bharat is the world’s largest publicly funded health assurance scheme, which provides health cover of Rs 5 lakh per family per year for secondary and tertiary care hospitalization to 55 crore individuals, corresponding to 12.34 crore families. 

The ANI report further mentioned that, this scheme has covered 7.37 crore hospital admissions, including 49 per cent of women beneficiaries. Benefits to the tune of Rs 1 lakh crore have been availed by the citizens under this scheme.

According to a report by ANI, bringing all citizens above 70 years under the ambit of the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana would benefit an additional six crore senior citizens, said the government.

According to a report by ANI, bringing all citizens above 70 years under the ambit of the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana would benefit an additional six crore senior citizens, said the government. The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday, approved the health coverage to all senior citizens aged 70 years and above, irrespective of income, under the flagship health security scheme. This aims to benefit approximately 4.5 crore families with six crore senior citizens with 5 lakh rupees free health insurance coverage on a family basis. The ANI report further stated that, with this approval, all senior citizens of age 70 years and above, irrespective of their socio-economic status, would be eligible to avail the benefits of the scheme. The eligible senior citizens would be issued a new distinct card under the health security scheme. The senior citizens of age 70 years and above belonging to families already covered under the scheme will get an additional top-up cover of up to Rs 5 lakh per year for themselves (which they do not have to share with the other members of the family who are below the age of 70 years). All other senior citizens of the age 70 years and above will get a cover up to Rs 5 lakh per year on a family basis. Senior citizens aged 70 years and above who are already availing benefits of other public health insurance schemes such as the Central Government Health Scheme (CGHS), the Ex-Servicemen Contributory Health Scheme (ECHS), and the Ayushman Central Armed Police Force (CAPF) may either choose their existing scheme or opt for Ayushman Bharat. It has been clarified that senior citizens of 70 years and older who are under private health insurance policies or the Employees’ State Insurance scheme will be eligible to avail benefits under Ayushman Bharat. Ayushman Bharat is the world’s largest publicly funded health assurance scheme, which provides health cover of Rs 5 lakh per family per year for secondary and tertiary care hospitalization to 55 crore individuals, corresponding to 12.34 crore families. The ANI report further mentioned that, this scheme has covered 7.37 crore hospital admissions, including 49 per cent of women beneficiaries. Benefits to the tune of Rs 1 lakh crore have been availed by the citizens under this scheme.

Government expands Ayushman Bharat scheme to cover all citizens aged 70 and above

India's upcoming Budget&nbsp;is all set to have certain&nbsp;implications for the insurance sector, most notably from a consumer point of view.

Experts and industry leaders are looking at a few&nbsp;reforms 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.&nbsp;

Experts believe that the&nbsp;attractiveness of life insurance as an investment avenue will increase even further.&nbsp;

This would align it more with other financial instruments that receive beneficial tax treatment.

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 required&nbsp;because 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.&nbsp;

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.

India's upcoming Budget is all set to have certain implications for the insurance sector, most notably from a consumer point of view. Experts and industry leaders are looking at a few reforms that are likely to render insurance within reach and affordable for most people across the nation.

India's upcoming Budget is all set to have certain implications for the insurance sector, most notably from a consumer point of view. Experts and industry leaders are looking at a few reforms 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 the attractiveness 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. 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 required because 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.

India budget 2024: wishlist of the insurance sector

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Government expands Ayushman Bharat scheme to cover all citizens aged 70 and above

India budget 2024: wishlist of the insurance sector