Quick Summary
The insurance sector is eagerly anticipating the Union Budget 2025, with expectations of significant amendments to the Insurance Act and key tax exemptions aimed at boosting health and protection insurance adoption. Industry leaders believe these reforms, combined with adjustments to the new tax regime, will improve affordability and drive greater insurance penetration across the country. Expected Amendments to the Insurance Act Key changes anticipated in the Insurance Act include: Openin
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FAQ :
The industry anticipates changes to the Insurance Act including opening the agency channel, revising minimum capital requirements, and increasing the FDI limit from 74% to 100%.
Proposals include a separate deduction for premiums of health, personal accident, home, and life insurance, enhanced limits under Section 80D, and inclusion of Section 80D deductions in the new tax regime.
Capital infusion is sought to address solvency challenges faced by state-owned general insurers and strengthen their financial health.
The sector hopes for higher allocations to drive innovation and digital readiness, particularly for insurtech products, aiming for affordable and accessible digital insurance solutions.
The reforms aim to boost insurance penetration, improve affordability, encourage adoption of health and protection insurance, and align with financial inclusion goals.
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