Budget 2016: Insurance industry seeks hike in tax exemption limit

1. Budget 2016: Insurance industry seeks hike in tax exemption limit Government should raise tax exemption limit for health insurance and introduce fiscal measures to help increase its penetration, say industry officials. The suggestions forms part of insurance sector wish-list for the Budget 2016-17 to be presented in Parliament on February 29. "There is an impending need for further tax exemption as health insurance is still not adopted as a necessity for one's self and family. "Further exemption will encourage people to get a health insurance policy with extended covers which is a necessity in today's time given the current medical inflation in the country", Future Generali India Union Budget 2016 Insurance MD & CEO K G Krishnamoorthy Rao told PTI. In the Union Budget 2015-16, government had increased the limit for income tax exemption for health insurance. Rao said it helped the company see fair increase in number of people opting for policies with up to Rs 10 lakh cover. Read Full Article Over Here : Business Standard News