Highlights

  • The industry was GST on insurance to be reduced, to bring down costs
  • Insurers recommend that the proceeds of pension/annuity products should be made tax-free

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Budget 2023: What's the insurance industry demanding?

Insurance penetration is extremely low in India. To address this, the insurance industry has a slew of expectations from the budget. Some of which, have been long standing demands, which the industry is hoping will get addressed this time. 


Budget 2023 for Insurance Industry

The insurance industry is hoping that at least some of their demands will be met in the upcoming budget announcement. The industry's demands include:

GST on Insurance: In a move to make insurance products more affordable and attractive, the industry wants GST rationalization on insurance products from the current 18%.

Health insurance premium limit: Covid-19 has proven that the current limit of Rs. 25,000 is not enough and it needs to be significantly increased to at least Rs. 50,000.

Parametric insurance: In the last few years, India has seen a lot of natural disasters like floods, earthquakes, landslides among others. ''While the gap between insured and economic damages remains wide, governments have to allocate large sums of money toward relief measures. This issue can be addressed through parametric insurance (index-based solution), which will help bridge the protection gap. The provision to launch Parametric insurance should be included in the forthcoming Budget," says Tapan Singhel, MD and CEO, Bajaj Allianz General Insurance.

Insurance for all: Though the government is vying for an ‘Insurance for all by 2047’ theme but still according a reports, 40 crore Indians have no health insurance. The Union Budget should include a provision for health insurance at a government-tender rate for all. This tender pricing should be extended to all employers/companies to obtain employee insurance.

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