Union Budget 2025-26: Boosting Insurance and Healthcare with Tax Benefits

The insurance sector anticipates significant tax benefits from the Union Budget 2025-26, aiming to enhance financial inclusivity and universal healthcare. Industry leaders expect support for initiatives like Bima Sugam and government-private partnerships, tax deductions on insurance products, and reforms for increased insurance penetration in underserved regions.

The insurance industry is eagerly awaiting the Union Budget 2025-26, as it hopes for a range of tax incentives geared towards bolstering the insurance and healthcare sectors. This comes amid India's push for greater financial inclusivity and universal healthcare.

Naveen Chandra Jha of SBI General Insurance emphasizes the potential impact of initiatives like Bima Sugam in attaining the 'Insurance for All' goal by 2047. The sector seeks regulatory and fiscal backing to close protection gaps, expand access through public-private partnerships, and leverage digital advancements.

Additionally, leaders like Tarun Chugh of Bajaj Allianz Life suggest aligning tax deductions for life insurance annuity products with the National Pension Scheme, aiming to evolve retirement strategies and encourage wider adoption of insurance in underserved areas.

(With inputs from agencies.)