Budget 2024: Insurance For All, Tax Parity for Pension Products, And What More?

There has been a growing awareness about ‘insurance’, which is a protection solution critical for financial security. Indians being savings-driven, need to be encouraged to invest in protection through various policy measures. Experts say that ‘tax incentives’ are one such tool to usher this trend.As we inch closer to the announcements of the Union Budget 2024, the insurance sector has set hopes from the government to ensure insurance penetration to the last mile. Among many asks, the call for parity in tax treatment for pension products, and the push for group health insurance for Micro, Small, and Medium Enterprises (MSMEs) has gained prominence this year.Shanai Ghosh, MD & CEO of Zuno General Insurance, says, “Budget 2024-25 would be crucial to advance insurance accessibility and inclusivity, in line with Irdai’s ‘insurance for all by 2047’ vision. 

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