“Currently, a pensioner is taxed at both ends first when withdrawing the pension and then again when withdrawing an annuity product purchased with pension funds. This double taxation needs to be rectified, and both the industry and the public are expecting relief on this front,” she told TNIE.
Padalkar also looks for a resolution of the insurance amendments bill, which has been delayed for years. If approved, the amendments could introduce a new licensing regime, allowing life insurers to also offer health insurance or hold a single licence for both life and general insurance.
Neha Parikh, Head of Financial Sector Ratings at ICRA Ratings, believes that a budgetary allocation for recapitalising state-run general insurers, given their weak solvency ratios, would be positive. She also suggested that the government could introduce measures to boost insurance penetration, especially for low-ticket size policies.
Naveen Chandra Jha, Chief Executive at SBI General Insurance, emphasized the need for incentives to expand the reach of health insurance, which has become crucial in protecting families from unforeseen medical expenses.
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