Budget 2025: Insurance Industry Urges Relief with GST Cut on Health Premiums and Increased Section 80D Limits-health

Budget 2025: Insurance Industry Urges Relief with GST Cut on Health Premiums and Increased Section 80D Limits

2025-01-06

health

As the nation prepares for the upcoming Budget 2025, the insurance sector is eagerly awaiting significant measures to boost health insurance penetration and reduce the financial burden on individuals. With medical costs escalating rapidly and insurance coverage remaining woefully low, industry stakeholders are pressing for a cut in Goods and Services Tax (GST) on health premiums, as well as an increase in the deduction limit under Section 80D of the Income Tax Act. These proposed reforms are expected to make health insurance more affordable and accessible to the masses, thereby driving growth and expansion in the sector. The insurance industry is also hopeful that the government will introduce initiatives to promote health insurance, such as enhanced tax benefits and subsidies, to encourage more people to invest in health coverage. By addressing these key concerns, the Budget 2025 can play a pivotal role in shaping the future of the insurance sector and promoting a more secure and healthy nation. Key areas of focus include health insurance, GST, and tax deductions, as the industry seeks to navigate the complexities of the current economic landscape. ...Read more

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