The insurance coverage alternate is recuperating from an unheard of year in which life insurance coverage claims surged due to the Covid-19 pandemic. The surge in claims and the attendant payouts that each and each life and scientific insurance coverage corporations faced this fiscal has resulted in a steep 30% upward thrust in premiums as reinsurers look to enhance their losses. Though insurance coverage premiums in India are restful decrease when in contrast to many markets, the hefty premiums could per chance per chance per chance affect demand at a time when consciousness for life and medical health insurance coverage is high. The insurance coverage alternate has been asking for rationalising GST and growing the investment limit to purchase insurance coverage.
BUDGET RECOMMENDATIONS
- Decrease GST on insurance coverage to 5% from 18% currently
- Extend 80 C investment limit to Rs 2 lakh to permit people to purchase insurance coverage; the declare Rs 1.5 lakh limit is low and consist of a lot of choices
- Gain annuity income tax free
- Double scientific insurance coverage limit under Portion 80D to Rs 50,000 in light of greater scientific charges put up Covid
- Fix the tax anomaly between pension plans and NPS — pension plans from insurance coverage corporations are no longer eligible for the extra tax deduction of Rs 50,000 that is provided to NPS under Sec 80CCD(1b).
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