Quick Summary
Industry Leaders Advocate for Tax Reforms to Boost Coverage and Encourage Investments In the aftermath of a pivotal year for Indias insurance sector, characterized by the entry of new players, technological advancements, and shifting consumer dynamics, the focus now turns to fostering a competiti
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FAQ :
Industry leaders are proposing that annuity plans be made tax-exempt, extending the current ₹50,000 tax exemption available for the National Pension System (NPS) to cover pension and annuity products.
It's proposed that tax breaks for life and health insurance payments be separated, specifically for risks like death, to encourage fixed-term insurance plans and enhance social security.
Industry leaders suggest allowing individuals to deduct the entire life insurance premium amount from their taxable income to make insurance more financially attractive.
Experts propose lowering the GST on term life insurance and implementing a 'Zero rating' for essential policies, with a specific call to reduce the current 18% GST on retail health insurance.
Health insurance penetration remains low, with over half of healthcare costs paid out-of-pocket. Reducing the 18% GST on retail health insurance is seen as crucial for affordability and accessibility, especially in underserved areas.
Industry veterans are asking for a separate tax deduction limit specifically for life insurance within Section 80C to provide clarity and streamline deductions.
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