Experts recommend introducing a separate tax deduction limit for life insurance and changing tax sections 80C and 80D to provide separate tax breaks for life and health insurance payments, as well as fixed-term insurance plans, to enhance social security
Budget 2024: The insurance sector is also hoping for forward-thinking steps towards inclusivity, making insurance accessible to people with no access to insurance, with a particular focus on supporting the LGBTQIA+ community.
The life insurance industry also saw a shift towards launch of guaranteed returns traditional policies due to higher government securities (G-sec) rates prevalent currently