The insurance sector plays a focal role in the development of an economy. Insurance assists in manoeuvring the small savings of the taxpayers to develop funds, which can further be invested either in the sector of infrastructure or in the capital markets. This will further result in the accessibility of capital, which will help for the development, and growth of the country.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
My name is
My number is
My name is
My number is
Select Age
City Living in
Popular Cities
Do you have an existing illness or medical history?
This helps us find plans that cover your condition and avoid claim rejection
What is your existing illness?
Select all that apply
When did you recover from Covid-19?
Some plans are available only after a certain time
Budget 2020 has surely left the insurance industry slightly disappointed. Besides, some proposals have a negative influence on the insurance industry. For instance, the introduction of new optional tax regime for any individual and Hindu Undivided Family wherein with the changes in the tax slabs and rates, now, the taxpayer need to undergo a lot of deductions under the Income Tax Act,1961 (ITA) and so on.
The penetration of insurance is already low in India. Besides, with the new optional tax regime, chances are that individual taxpayers falling in the lower bracket might not buy or renew life insurance product any further, which is a negative impact upon the life insurance sector. Moreover, earlier announced in the budget in regards to the Foreign Direct Investment policy announcement remain untouched in budget 2020.
The negative impact of the budget on the life insurance sector will negatively influence LIC validation. Therefore, it is expected that the government would enhance the FDI limit in insurance companies up to 74%, which will help in improving insurance penetration and innovation in the country.
*Tax benefit is subject to changes in tax laws