- Rs. 5 Lakh Coverage @ Rs. 12.9/Day*
*Standard T&C Apply
- 7 Lakh+ Happy Customers
- 10,000+Hospitals for Cashless Treatment
Budget FY 2018-19: Will it Provide Tax Relief for Health and Life Insurance & Pension Plans?
- DetailsWritten by PolicyBazaar -
- Hits : 1342 -
Modified 05 February 2018
A question on everybody’s mind right now is -will the coming budget offer tax relief for buying more insurance coverage? The insurance sector’s wish list includes the call for offering for more tax sops for insurance purchases and GST exemption of insurance plans.
According to Sanjiv Bajaj, MD and VC, Bajaj Capital- Life insurance is an absolute necessity for individuals for financial security. Earlier, it had a defined and clear (almost) exclusive space in Section 80C of the Income Tax Act. Now a wide variety of products are added to Section 80C, the need and importance for life insurance family are going down.
While poor insurance penetration & insufficient life coverage is prevalent in India, offering tax-benefits for term insurance would be helpful in creating insurance demand would end up in building a strong social security layer for the individuals. As per Yashish Dahiya, Co-Founder & CEO, Policybazaar.com only 8 percent of the Indian population was covered by any insurance plan such as term insurance, health insurance, and ULIPs. There is a need to addresses the insurance industry in the much awaited Union Budget FY 2018. Government must provide benefits of social security; individuals of other countries such as the US are already covered under state-sponsored social security plans.
- Most Read
- Why Let Those Terms Confuse You? Here’re 8 Insurance Jargons
Date: 14 February 2019
- Top 10 Benefits of United India Health Insurance
Date: 29 January 2019
- Types of Health Insurance Plans in India
Date: 28 January 2019
- Benefits of Buying Star Health Insurance
Date: 21 January 2019
- Why Religare Health Insurance is an Ideal Choice?
Date: 17 January 2019
- Top 10 Health Insurance Companies in India
Views : 430352
- Top 5 Maternity Insurance Plans
Views : 229200
- List of Health Insurance Companies in India
Views : 214781
- Health Insurance Claims Ratio- Things You Should Look Before Buying Health Insurance
Views : 128538
- Top 8 Family Health Insurance Policies for 2019
Views : 118138