The insurance industry is recovering from an extraordinary year in which life insurance claims surged due to the Covid-19 pandemic. The surge in claims and the attendant payouts that both life and medical insurance companies faced this fiscal has led to a steep 30% rise in premiums as reinsurers look to recover their losses. Though insurance premiums in India are still lower compared to many markets, the hefty premiums could impact demand at a time when awareness for life and health insurance is high. The insurance industry has been asking for rationalising GST and increasing the investment limit to buy insurance.
BUDGET RECOMMENDATIONS
- Reduce GST on insurance to 5% from 18% currently
- Increase 80 C investment limit to Rs 2 lakh to allow people to buy insurance; the present Rs 1.5 lakh limit is low and include multiple options
- Make annuity income tax free
- Double medical insurance limit under Section 80D to Rs 50,000 in light of higher medical expenses post Covid
- Fix the tax anomaly between pension plans and NPS — pension plans from insurance companies are not eligible for the additional tax deduction of Rs 50,000 that is available to NPS under Sec 80CCD(1b).
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