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Insurance industry body to meet FM Sitharaman to seek relaxation on taxation: Report 

Shares of most life insurance companies have been under pressure after the Budget 2023 announcements regarding limiting income tax exemption from the proceeds of insurance policies

The insurance industry was left disappointed with Budget 2023. In fact one of the budget proposals, limiting exemptions on high value insurance policies, came as a big blow to the industry.&nbsp; As per reports, the industry body will meet Finance Minister Nirmala Sitharaman to seek a relaxation on taxation on insurance.&nbsp;
According to CNBC-TV18, the industry body seeks raising the limit on premium for taxation to ₹10 lakh/year vs budget announcement of ₹5 lakh/year.&nbsp;
Shares of most life insurance companies have been under pressure after the Budget 2023 announcement, which said that the payout of life insurance policies where the premium was above Rs 5 lakh, would be taxed.&nbsp;
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Shares of LIC, SBI Life, HDFC Life and ICICI Prudential closed the day with losses of up to 12 per cent each

Budget 2023: Insurance stocks tank

Shares of LIC, SBI Life, HDFC Life and ICICI Prudential closed the day with losses of up to 12 per cent each

Shares of insurance companies ended the budget day deep in the red. Two key announcements from Finance Minister Nirmala Sitharaman in Budget 2023 were seen as the triggers for this sharp decline. The Finance Minister&rsquo;s renewed push for the new tax regime, with the income tax rebate limit being increased from 5 lakh rupees to 7 lakh rupees, was seen as a big dampener for the insurance companies. Remember, unlike the old tax regime, the new tax regime doesn&rsquo;t allow any exemptions for insurance premium payments. Therefore, experts believe that higher adoption of the new tax regime could lead to lower sales for insurance companies. The other big announcement in the Budget, that hit the insurance sector shares, was regarding the proposal to limit income tax exemption for proceeds of insurance policies with very high value. &nbsp;The budget document said that where the aggregate of premium for life insurance policies (other than ULIP) issued on or after April 1, 2023, is above Rs 5 lakh, income from only those policies with an aggregate premium of up to Rs 5 lakh shall be exempt. However, the document added that the change to will not affect the tax exemption provided to the amount received on the death of a person insured. It will also not affect insurance policies issued till March 31, 2023&rdquo;. On the back of these two announcements, shares of LIC, SBI Life, HDFC Life and ICICI Prudential closed the day with losses of up to 12 per cent each.

Insurance penentration is extremely low in India. To address this, the insurance industry has a slew of expectations from the budget. Some of which, have been long standing demands, which the industry is hoping will get addressed this time. 

Budget 2023: What's the insurance industry demanding? 

Budget 2023: What Insurance industry is demanding?

Insurance penetration is extremely low in India. To address this, the insurance industry has a slew of expectations from the budget. Some of which, have been long standing demands, which the industry is hoping will get addressed this time.&nbsp;

<h3> Budget 2023 for Insurance Industry</h3>
The insurance industry is hoping that at least some of their demands will be met in the upcoming budget announcement. The industry's demands include:&nbsp; GST on Insurance: In a move to make insurance products more affordable and attractive, the industry wants GST rationalization on insurance products from the current 18%.&nbsp; Health insurance premium limit: Covid-19 has proven that the current limit of Rs. 25,000 is not enough and it needs to be significantly increased to at least Rs. 50,000.&nbsp;
Parametric insurance:&nbsp;In the last few years, India has seen a lot of natural disasters like floods, earthquakes, landslides among others. ''While the gap between insured and economic damages remains wide, governments have to allocate large sums of money toward relief measures. This issue can be addressed through parametric insurance (index-based solution), which will help bridge the protection gap. The provision to launch Parametric insurance should be included in the forthcoming Budget," says Tapan Singhel, MD and CEO, Bajaj Allianz General Insurance.&nbsp;
Insurance for all: Though the government is vying for an &lsquo;Insurance for all by 2047&rsquo; theme but still according a reports, 40 crore Indians have no health insurance. The Union Budget should include a provision for health insurance at a government-tender rate for all. This tender pricing should be extended to all employers/companies to obtain employee insurance.
&nbsp;

Has the continued rise of fuel prices made you reassess your new car buying decision? Well, here comes another! Car insurance prices for four-wheeler and two-wheeler owners are likely to be increased from June 1 this year. The speculation comes as the ministry of road transport and highways (MoRTH) will increase the third-party motor insurance premium for various categories of vehicles. 
As per the official notification by the ministry, private cars with an engine capacity of 1,000 cc will attract rates of Rs 2,094 compared to Rs 2,072 in 2019-20. Meanwhile, cars above 1,500 cc will see a drop in premium from Rs 7,897 to Rs 7,890. Two-wheeler with a 150cc-350 cc engine capacity will attract a premium of Rs 1,366 and for two-wheelers, over 350 cc the revised premium will be Rs 2,804.The decision is likely to jack up the cost of cars and two-wheelers, causing another reason to worry for vehicle owners in India who are already having to shell out around Rs 100 for a litre of petrol.

Cars, two-wheelers set to become expensive

Has the continued rise of fuel prices made you reassess your new car buying decision? Well, here comes another!

Govt announces insurance premium hike

The decision is likely to jack up the cost of cars and two-wheelers, causing another reason to worry for vehicle owners in India who are already having to shell out around Rs 100 for a litre of petrol

Has the continued rise of fuel prices made you reassess your new car buying decision? Well, here comes another!&nbsp;Car insurance prices for four-wheeler and two-wheeler are going to increase from June 1 this year.
The Ministry of Road Transport and Highways has issued a notification announcing an increase in the third-party motor insurance premium for various categories of vehicles.
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As per the official notification by the ministry, private cars with an engine capacity of 1,000 cc will attract rates of Rs 2,094 compared to Rs 2,072 in 2019-20. Meanwhile, cars above 1,500 cc will see a drop in premium from Rs 7,897 to Rs 7,890.
Two-wheeler with a 150cc-350 cc engine capacity will attract a premium of Rs 1,366 and for two-wheelers, over 350 cc the revised premium will be Rs 2,804.
The decision is likely to jack up the cost of cars and two-wheelers, causing another reason to worry for vehicle owners in India who are already having to shell out around Rs 100 for a litre of petrol.

insurance premium

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