PriyaPatel
TLDR:
- Insurers expect more tax benefits for health insurance in Union budget.
- Removing the limit on deductions for health insurance premiums would ease financial burden for senior citizens.
Budget 2024: Insurers Expect More Tax Benefits for Health Insurance
Insurers in India are anticipating increased tax benefits for health insurance under the new tax regime in the upcoming Union budget. One of the key expectations is the removal of the limit on deductions for health insurance premiums, which would significantly ease the financial burden of senior citizens. Stakeholders are also hoping for reforms in areas such as offering health insurance at negotiated rates, reducing GST on premiums, and extending benefits to the New Tax regime to boost health insurance penetration.
Anup Rau, MD & CEO of Future Generali India Insurance Company, emphasized the need for the deduction limit on health insurance premiums to be linked to inflation and revised periodically. Tapan Singhel, MD & CEO of Bajaj Allianz General Insurance, highlighted the importance of improving accessibility and affordability of health insurance for the ‘missing middle’ segment of the population and senior citizens.
The budget is also expected to focus on economic reforms to drive India towards becoming a USD 5-trillion economy. Stakeholders are looking for incentives for the agri-tech sector, relaxation in payment norms for MSMEs, and investments in sustainability and geospatial technology. Additionally, the allocation of funds towards advanced treatments like immunotherapy and personalised medicine for critical illnesses such as cancer is crucial.
