Insurers expect tax benefits, concessions for healthcare in Budget
Union Budget 2025-26 to be unveiled by Finance Minister Nirmala Sitharaman on February 1. SBI General Insurance MD and CEO Naveen Chandra Jha said that as India advances toward financial inclusivity and universal healthcare, the upcoming Budget is expected to further strengthen the healthinsurance sector.
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Initiatives like Bima Sugam, designed to achieve the goal of 'Insurance for All' by 2047, are expected to receive regulatory and fiscal support to address the protection gap, he noted.
«Additionally, the budget is likely to focus on expanding access in underserved regions through government-private partnerships, targeted subsidies, and advancements in digital infrastructure,» Jha added.
Bajaj Allianz Life MD and CEO Tarun Chugh said India's economic growth presents immense opportunities for the insurance sector to enhance financial resilience.
«Aligning tax deduction of life insurance annuity products with the National Pension Scheme (NPS) and addressing the issue of tax on principal component on annuity products can evolve retirement needs effectively,» he added.
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