The players feel that it will help them increase
penetration.
As the finance ministry is getting ready with the upcoming budget, the general
insurance players have requested for tax concessions.
Insurers are seeking tax exemptions on home insurance and personal accident cover. The companies have also asked for capital gains tax exemption on their profits earned through investments in the stock market which other financial institutions enjoy.
“We have also asked for extension of the exemption limit of tax benefits in health insurance,” said K. G. Krishnamoorthy Rao, MD & CEO, Future Generali Insurance.
The insurers feel that tax exemption will help them increase penetration. “The penetration level of general insurance in India is very low. So the Government should look at giving this kind of tax breaks,” said a senior official of New India Assurance.