In the highly anticipated interim Budget for 2024, Finance Minister Nirmala Sitharaman made no adjustments to the insurance sector, leaving many industry experts and stakeholders with mixed reactions.
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One of the key concerns addressed by the insurance sector was the inadequate coverage for families in the event of the primary earner’s demise.
Industry representatives had called for a separate tax deduction for term life insurance to incentivise individuals to invest in comprehensive life coverage.
Moreover, there was a strong emphasis on the role of tax benefits in encouraging the purchase of health insurance.
However, Finance Minister Nirmala Sitharaman opted for a conservative approach in this interim Budget, maintaining the status quo in the insurance sector.
