Budget 2022: Insurers Seek Higher 80C Investment Limit; Lower GST On Health Products
NDTV
Insurance companies are seeking a separate deduction limit of Rs 1 lakh for insurance premium payment under Section 80C of the Income Tax Act in the upcoming Union Budget to bring in more people under the ambit of insurance.
Insurance companies are seeking a separate deduction limit of Rs 1 lakh for insurance premium payment under Section 80C of the Income Tax Act in the upcoming Union Budget to bring in more people under the ambit of insurance.
The insurers also want reduction in the goods and services tax (GST) rate of 18 per cent currently applied on health insurance products to 5 per cent to make such products more affordable to common people.
Finance Minister Nirmala Sitharaman will present the Union Budget for 2022-23 on February 1.
"The industry has long pending expectations from the policy makers for incentivizing people to get life insurance by giving a separate deduction limit of minimum Rs 1 lakh for insurance premium payment under Section 80C," Tarun Rustagi Chief Financial Officer Canara HSBC OBC Life Insurance said.
