The insurance industry in India is facing allegations of tax evasion, with companies accused of evading GST amounting to ₹5,500 crore. Tax authorities have sent notices claiming dues of up to ₹30,000 crore. The allegations stem from excess commissions paid to corporate agents, such as banks and NBFCs, to push sales. These excess commissions are being recouped as input credit by claiming that services have been provided, when in fact they have not. Insurance companies are contesting the demands while depositing a part of the tax demand. The industry regulator, Irda, has imposed a 30% cap on overall expenses in response to the alleged evasion scam.
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Updated Feb 04, 2021 | 11:03 IST
This policy, a fixed-benefit plan, will offer a maximum sum assured between Rs 10,000 and Rs 2 lakh on diagnosis and hospitalization for diseases such as dengue, malaria, chikungunya and Zika fever. Representational image
New Delhi: Mashak Rakshak, India’s first standardised medical insurance policy for vector-borne diseases, suggested by the Insurance Regulatory and Development Authority (Irda). This policy, a fixed-benefit plan, will offer a maximum sum assured between Rs 10,000 and Rs 2 lakh on diagnosis and hospitalization for diseases such as dengue, malaria, chikungunya and Zika fever.
Irda on Wednesday announced the guidelines for the policy and has asked all general and health insurance companies to offer the Mashak Rakshak to customers starting 1st April, 2021.