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Insurance industry seeks cut in GST, increase in 80C investment limit in Budget 2022
Insurance industry seeks cut in GST, increase in 80C investment limit in Budget 2022
The insurance industry is recovering from an extraordinary year in which life insurance claims surged due to the Covid-19 pandemic. The surge in claims and the attendant payouts that both life and medical insurance companies faced this fiscal has led to a steep 30% rise in premiums as reinsurers look to recover their losses. Though insurance premiums in India are still lower compared to many markets, the hefty premiums could impact demand at a time when awareness for life and health insurance is high. The insurance industry has been asking for rationalising GST and increasing the investment limit to buy insurance.
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