Budget 2021 for Health & Life insurance

Budget 2021 for health & life insurance:

Increase Section 80C & 80D limits

Union Budget 2021 expectations for health & life insurance:

In the wake of COVID-19 pandemic & the insurance sector is hopeful that Finance Minister will announce measures that will help increase the number of budget 2021 life & health insurance policyholders.

Budget 2021 for health & life insurance

 

Union Budget 2021 expectations for health & life insurance:

COVID-19 pandemic, the insurance sector is hopeful that Finance Minister will announce measures that will help increase the number of budget 2021 life &  health insurance policyholders in the country.

Insurance policies has grown considerably during the pandemic. Certain policy measures may further boost this interest.

While noting that the regulatory environment has been extremely supportive to expedite people’s claims during the Coronavirus outbreak.

Experts suggest increasing section 80C and 80D limits could help in increasing the insurance penetration further across the country.

The importance of health and life insurance has been inevitable & a large part of the population still remains uninsured or underinsured  which are very risky for their healthy financial future.

A great tax saving impetus towards insurance in 80C & 80D would surely help in increasing the insurance penetration in Tier 2 cities & beyond.

Where the matter is even more prevalent,” Dhirendra Mahyavanshi, co-founder, Turtlemint, told FE Online.

Anuj Mathur, MD & CEO, Canara HSBC OBC Life Insurance, also suggested an increase in section 80C & 80D limits.

We also look forward to FM increasing the existing limits for Section 80C & 80D or should introduce new scheme(s) to encourage a self-securing environment in India.

The Regulatory framework has been extremely supportive in 2020 during the pandemic to ensure that insurers expedite COVID claims & do not reject the same without proper due diligence.

 

Budget 2021 for Health & Life insurance

The IRDAI introduced the standardization of health insurance products

Arogya Sanjeevani & also initiated the quick launch of Corona Rakshak & Corona Kavach plans with very affordable premiums to provide coverage to a higher number of people.

Promote technological advancement in the FinTech space & the Regulatory Authority has been supportive of the Regulatory Sandbox wherein

The Insuretech startups can innovate different technological enhancements within the regulatory framework of the IRDAI to benefit the policyholders.

There are certain initiatives that the Government can consider in 2021 to educate the average people of India

Including insurance as an important part of their financial portfolio. Insurance plays an important role in Financial Risk Management for a family.

In the ongoing pandemic & insurance has played a very important role in securing the future of an individual’s family and his/her loved ones.

Hence, experts say that both life and health insurance are must, specially for unprecedented situations like COVID pandemic.

We believe that there is a need for special focus & attention to provide stimulus to the insurance sector so that citizens are able to secure themselves.

The next 3-5 years, there should be additional focus on Life and Health Insurance schemes &  stimulus.

In addition to this, the government may also consider revision in GST structure for insurance products & certain relaxation on existing 18% GST on premiums.

Protection premiums are already increasing due to reinsurance premium hikes and Covid impact so relief is required to ensure.

The customers are able to protect themselves with limited cost impact on their stretched household budgets.

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