Budget 2022: Insurers urge higher 80C investment limit; reduction in GST on health products : Rashtra News #Budget #Insurers #urge #higher #80C #investment #limit #reduction #GST #health #products Insurance companies are seeking a separate deduction limit of Rs 1 lakh for insurance premium payment under Section 80 C of the Income Tax Act in the
Budget 2024: The cost of treatment for common ailments that require hospitalisation has more than doubled in five years. A Rs-10-lakh health insurance, which could cover a family of three to five years back, is not adequate to take care of the medical needs now. The tax deduction limit of Rs 25,000 will not typically cover the premium of a health insurance cover of Rs 20 lakh for a family of two or more today. The insurance industry wants Budget 2024 to hike the limit of Section 80D. This move will enhance affordability and motivate individuals to prioritise their familys health. Know what insurance industry wants from Finance Minister Niramala Sitharaman in Budget 2024.
Insurance companies are seeking a separate deduction limit of Rs 1 lakh for insurance premium payment under Section 80C of the Income Tax Act in the upcoming Union Budget to bring in more people under the ambit of insurance.