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Insurance industry seeks hike in tax exemption limit

Officials of the insurance industry claim that the government should increase the tax exemption limit for health insurance and also initiate financial measures to increase its access.

"There is an impending need for further tax exemption as health insurance is still not adopted as a necessity for one's self and family. Further exemption will encourage people to get a health insurance policy with extended covers which is a necessity in today's time given the current medical inflation in the country", said K G Krishnamoorthy Rao, MD & CEO, Future Generali India Insurance.

Rao also stated that the increase in the limit for income tax exemption for health insurance in the Union Budget 2015-16 showed a fair increase in the number of people buying plans with up to Rs 10 lakh cover.

Miranjit Mukherjee, chief financial officer at Tata AIG general insurance, stated that the recent disasters and distress faced by people has elucidated the inadequacy of home insurance in Indian families.

"Hope government encourages families through fiscal measures to adequately insure their homes, which would ensure that families remain protected and also increase penetration of general insurance business in India", said Mukherjee.

 He also stated that the government must fast-track the Universal Health Schemes and stretch it across to maximum possible number of states.

 In the next two fiscal years the impact of various reform measures is extensively estimated to be seen, which will eventually persuade the private companies to expend their capital.