<p>By Animesh Das</p>.<p><b>Tax Benefit</b><br />Currently, health insurance premiums for Individuals or Parents below 60 years are tax exempted up to ₹ 25,000 and for senior citizens is up to ₹30,000 under section 80D of the Income Tax Act. It would be a welcome move if the government will remove the current limits and allow tax exemption on actual/full premium paid by the taxpayer. This will increase the propensity of individuals buying higher amount of coverage.</p>.<p><br />Also, it will be appreciable if government will wider the relationship for whom the taxpayer can buy the health policy. The policy should include immediate relatives such as brother/sister/Parents in law etc.<br /><br /><b>Reduction in GST Rate</b><br />For better affordability, it is recommended excluding the application of GST premium paid towards insurance as the premium for insurance has increased substantially in past years. It will be a big move to enhance insurance penetration and provide better coverage to common masses.</p>.<p>(Author is Head of Product Strategy - ACKO General Insurance)</p>
<p>By Animesh Das</p>.<p><b>Tax Benefit</b><br />Currently, health insurance premiums for Individuals or Parents below 60 years are tax exempted up to ₹ 25,000 and for senior citizens is up to ₹30,000 under section 80D of the Income Tax Act. It would be a welcome move if the government will remove the current limits and allow tax exemption on actual/full premium paid by the taxpayer. This will increase the propensity of individuals buying higher amount of coverage.</p>.<p><br />Also, it will be appreciable if government will wider the relationship for whom the taxpayer can buy the health policy. The policy should include immediate relatives such as brother/sister/Parents in law etc.<br /><br /><b>Reduction in GST Rate</b><br />For better affordability, it is recommended excluding the application of GST premium paid towards insurance as the premium for insurance has increased substantially in past years. It will be a big move to enhance insurance penetration and provide better coverage to common masses.</p>.<p>(Author is Head of Product Strategy - ACKO General Insurance)</p>