Budget expectations: Insurers seek bigger tax breaks, fix GST rules
With the Union Budget dropping tomorrow, insurance companies are urging the government to raise tax deductions under Section 80D and fix GST rules.
Their goal? Make insurance more affordable and close the gap between India's 3.7% insurance coverage rate and the global average.
Insurers push for a long-term 'Insurance for all' target
If these changes go through, you could see bigger tax breaks on health and life insurance—helpful as medical costs keep rising.
Insurers also want GST input credits so they can cut premium prices, amid robust premium growth, with total premium income having risen in recent years.
All this is part of a bigger push for a long-term "Insurance for All" target, aiming to make coverage easier for everyone, especially rural households, semi-urban and tier-2/tier-3 cities, and first-time buyers.