Budget 2018: Finance minister Arun Jaitley will present the Union Budget on February 1 and the right steps could provide a boost to the under-penetrated non-life insurance market which is currently around 1% of GDP against global average of 2.8%
Health insurance
Considering the importance of protecting an individual’s capital in case of emergencies, accidents and rising medical costs, the FM may consider enhancing deduction limits in the I-T Act. For instance, in case of health insurance policies, the taxpayer is entitled to a deduction of Rs 25,000 (Rs 30,000 for senior citizens) which was last changed in Finance Act 2015, considering the current inflation in healthcare cost there is a further need to increase the deduction limit.
