Budget 2023 wish list: Insurers seek hike in tax deduction limit

This is among the host of suggestions submitted by the sector

Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income Tax Act.

Also among them are issuance of long-term bonds, tax incentives for home insurance premiums, and a separate section to claim deduction for term-insurance premium, among others. These suggestions would help improve the penetration of insurance in the country.

Further, another long-standing demand is rationalisation of goods and services tax (GST) on insurance products. 
For the last few years, insurers have been recommending to the government to