Budget 2023 Quote Insurance Industry Mr. Rakesh Goyal, Managing Director, Probus Insurance broker

The insurance business was hoping the finance minister would include a few giveaways in this year’s budget. In the days leading up to the presentation of the budget, there was widespread speculation that Section 80C of the Income Tax Act would undergo revisions, and that existing deductions for health insurance premiums would be expanded. 
On the other hand, the budget proposed that only the income from policies (other than ULIPs) with an aggregate premium of up to Rs 5 lakh would be free from taxation. In general, I believe this will have a detrimental impact on the insurance business. In addition to this, individuals who fall under the new tax regime and have an annual income of up to 7 lakh rupees will not be required to pay any tax. This will have a negative impact on the insurance industry. I anticipate that in the years to come, we will be headed in the direction that will put us in a position where we will no longer be eligible for any tax benefits, such as deductions under 80C and health insurance“.

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