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Insurers eye tax benefits, incentives in Union Budget
NEW DELHI: Insurers are seeking tax benefits for buyers and incentives for selling policies in their wishlist for the upcoming Union Budget as the country is projected to emerge as the G20's fastest-growing insurance market.
In 2023-24, the country's insurance penetration was at 3.7 per cent compared to 4 per cent in 2022-23, according to Insurance Regulatory and Development Authority of India (Irdai).
The insurance penetration for the life insurance industry marginally declined to 2.8 per cent during 2023-24 from 3 per cent in the preceding year. The penetration with respect to the non-life insurance industry remained the same at 1 per cent during 2023-24 as in 2022-23.
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