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Budget 2023Budget 2023

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Budget 2023
Budget 2023

Budget 2023: Insurers seek separate tax deduction basket for life policies, higher limit for health premium

Ahead of the budget, insurance companies also want finance minister Nirmala Sitharaman to accept their demand to exempt the principal component of annuities, or pension income, from tax

January 15, 2023 / 10:41 PM IST
After the pandemic-fuelled awareness and need for health insurance as well as growing healthcare inflation, the current level of deduction allowed is inadequate, insurers feel (Representative Image)

After the pandemic-fuelled awareness and need for health insurance as well as growing healthcare inflation, the current level of deduction allowed is inadequate, insurers feel (Representative Image)

A separate tax deduction provision for life insurance, tax waiver for annuity income, higher deductions for health insurance premiums, and tax benefits for home insurance – these are some of the expectations of insurance companies ahead of Budget 2023.

The Union Budget 2023 – less than two months away – will likely be the last full-year one before the country goes to the polls in 2024. Industry group's bodies as well as individuals have prepared their wish lists in the hope that Finance Minister Nirmala Sitharaman will reduce their tax burden.

Also Read | Higher tax deductions, more power to NPS: MF distributors’ wish list for Budget 2023

Higher 80C limit, separate deduction for life insurance