Hyderabad: Rooting insurance company for income tax soup for individuals in the upcoming budget to increase insurance penetration in the country.
This step occurs at the time of awareness about having insurance protection for protection from uncertainty such as pandemics has reached high.
Future Generali India Insurance MD & CEO of Anup Rau said the government could consider increasing the health protection limit below the 80D section of Rs 25,000 to Rs 1.5 lakh for themselves and family because it can help in debating this category penetration.
“Increasing medical costs and increasing the incidence of critical illness makes it cost that cannot be managed for low-income and income income.
So, a higher tax reduction limit for health insurance plans is a need,” he said.
Meanwhile, in front of life, Edelweiss Life Insurance Tokio Ed Subhrajit Mukhopadhyay is debated that premiums paid for this product may not be beaten with other investments that meet the requirements to be reduced by the requirements of 80C.
Instead, the government must come with separate provisions for this category.
“Life insurance is a long-term solution, unlike other financial products that have shorter and covered investment horizons based on the provisions of 80C.
At present, all financial purchases are confirmed under the same section of the IT reduction (80C) closed at Rs 1.5 lakh .
We expect a budget to consider creating separate parts for tax reduction on premiums paid to life insurance, “he said.
He also suggested that special incentives considered for women who currently take into account almost a third of the country’s life insurance.