00:00On 1 February 2025, the Union Budget will be presented in the country and everyone is looking forward to it.
00:14Every sector has high hopes for this budget.
00:18The Indian health sector is also looking forward to the Union Budget 2025.
00:23This sector hopes that the government will take such decisions in the coming budget,
00:28which will motivate people to take an insurance policy.
00:32So let's tell you in detail in this video, what can be announced for the Indian health sector in this budget.
00:40Health insurance can be done by reducing GST on premium and taxing it under Section 80D.
00:48In 2024, the performance of Indian insurance companies was mixed.
00:53Some companies made good profits, while some suffered losses.
00:57Looking at the performance of insurance companies in 2024, General Insurance Corporation of India i.e. GIC gave a great return of 44%.
01:06While ICICI Lombard and ICICI Prudential Life Insurance also performed well.
01:12On the other hand, the return of Life Insurance Corporation i.e. LIC was only 7%.
01:17Some companies like SBI Life, HDFC Life and Star Health suffered losses.
01:22And this makes it clear that the situation in the insurance sector is very different.
01:27Insurance experts want GST rates on health insurance and term insurance to be reduced,
01:34which makes it expensive to take insurance for people.
01:37If GST is reduced, health insurance will reach more people and more people will be able to benefit from it.
01:45This will encourage people to take health insurance.
01:48Under Section 80D, health insurance premium is taxed, but this tax is very limited.
01:55The demand of the industry is to increase it from Rs 25,000 to Rs 50,000 so that people can take more health insurance.
02:03Especially for senior citizens, this tax should be increased to Rs 1 lakh.
02:08Apart from this, this tax should also be applicable in the new tax regime.
02:12There is another big challenge in front of insurance companies and that is the increasing cost of treatment.
02:17This means that the cost of hospitals is continuously increasing.
02:21Insurance companies can change the price of their products once in just 3 years.
02:26Therefore, experts say that a separate regulatory body should be created to determine the cost at the hospital level.
02:34This will give transparency to the services and money given to hospitals,
02:39and it will be easier for insurance companies to determine the price of the product.
02:44Insurance companies say that a separate tax exemption should be given for life insurance premium.
02:50Until now, this exemption was given under Section 80C, but if it is removed, people will buy more life insurance,
02:57and this will benefit the insured person and the insurance sector will also benefit.
03:03One of the demands of the insurance sector is to re-examine the income tax slab and tax limits
03:09so that people have more disposable income and can invest more in insurance.
03:15And the insurance market will increase.
03:17Not only will we see growth in the insurance sector, but people will also get security.
03:23In Budget 2025, these changes can be made to the insurance sector,
03:29which will have a positive impact on ordinary people and increase their security.
03:35So what is your opinion on this news?
03:37Give us your opinion in the comment box and keep watching Good Returns for such updates.
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