Insurance Industry Seeks Tax Benefits in Upcoming Budget

The insurance industry is advocating for tax benefits on annuity and pension products in the upcoming budget, emphasizing the need to promote higher retirement savings. This includes potential revisions to the GST on term life insurance policies aimed at reducing costs and improving access to essential protection plans. The focus on taxation reflects the industry's strategy to enhance savings channels for customers.

Market reports indicate that key players like SBI Life Insurance and ICICI Prudential Life Insurance are expected to be closely monitored on Budget Day. SBI Life has significantly increased its market share and is recognized for its effective agency channel, while ICICI Prudential continues to excel in premium growth despite facing regulatory challenges.

Star Health, as the largest standalone health insurer, showcases strong underwriting capabilities and a competitive edge through efficient cost management. The firm's retail market share and focus on a high-quality business model indicate robust growth potential despite industry challenges. Overall, the insurance sector is preparing for changes aimed at increasing market competitiveness and customer reach.