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Mumbai, Feb. 29 Non-life insurers have welcomed the increase in the tax exemption limit for health insurance premium.

The Union budget has proposed “an additional deduction of Rs 15,000 under Section 80D to an individual who pays medical insurance premium for his/her parent or parents.”

Currently, the deduction limit stands at Rs 15,000 and Rs 20,000 for senior citizens.

Mr Sandeep Bakhshi, MD and CEO, ICICI Lombard General Insurance, said “This is a welcome step as it lays emphasis on the health insurance of senior citizens and is also a positive for the growth of the health insurance category. This would give an added incentive to employees who are usually covered under their company’s group health insurance scheme to avail of the tax benefits under Section 80D.”

Mr S. Sreenivasan, Chief Financial Officer, Bajaj Allianz General Insurance, said, “This may boost health insurance to some extent and may bring a section of population hitherto uncovered under the insurance umbrella. But it may not cover a large segment of the insured population.”

More Stories on : General Insurance | Budget | Income Tax

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