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Budget 2023
Budget 2023

Budget 2022: Insurance industry seeks lower tax, separate carve-out for 80C to push penetration

Awareness around insurance has increased significantly in the wake of the Covid-19 pandemic. The insurance industry is now counting on lower taxes and a bigger tax-saving benefit to increase penetration.

December 06, 2021 / 10:22 AM IST
Representative image

Representative image

In the run-up to Budget 2022, the insurance industry has several demands, including a reduction of GST on insurance premiums, carving Life Insurance out of Section 80C (which allows deductions on various investments), addressing double taxation in case of annuity payments, among other asks.

The insurance industry has gone through an accelerated transformation. Covid-19 managed to push up the awareness and penetration around insurance to some extent, something decades of campaigns couldn't achieve.

Budget 2022 is expected to emphasise on strengthening the healthcare push, local manufacturing and overall economic revival, amid concerns around the new variant of Covid-19, industry experts said.

 Separate 80C benefit sought