As we await the Union Budget 2025, the general insurance industry eagerly anticipates policy initiatives that will propel insurance penetration across India. We expect the government to introduce tax incentives for insurance premiums under Section 80C and 80D, as well as separate tax deductions for home and motor insurance. Rationalizing GST rates on insurance products will enhance affordability and accessibility.
We also hope for investments in digital infrastructure development, facilitating innovative insurance solutions for SMEs, agriculture, and other underserved sectors. Such initiatives will not only boost the industry’s growth but also contribute significantly to India’s economic resilience. By encouraging insurance adoption, the government can empower citizens to mitigate risks, ensuring a more secure and stable future. We look forward to a budget that prioritizes insurance penetration and innovation, driving growth and prosperity for all.
Rakesh Jain, CEO, Reliance General Insurance