Following are the expectations from Budget 2009-2010.
1. 49% FDI in Insurance
Brief Explanation : Currently the limit of 26% FDI In insurance restricts a lot of Insurance companies in India to expand. Industry circles feel that Life insurance would get a 2.5 times boost if FDI is increased to 49%, primarily providing operating and expansion capital to life Insurance companies while also providing them a high level of financial flexibility. In General Insurance the penetration of Health Insurance is still negligible. Again infusion of fresh FDI will push companies into expansion mode thereby boosting penetration into a highly under penetrated market.
2. Increase in Exemption under 80 CCC;
Brief Explanation : The current exemption in income tax under 80CCC is limited to Rs. 10,000. This is counter productive to encouraging people to invest in Insurance products. This exemption should be increased to Rs.35,000 to Rs40,000. This will encourage more and more people to invest in Insurance thereby also providing a boost to funds availability to government to invest in Infrastructure.
3. Increase in Exemption under section 80 D
Brief Explanation : In the last budget Rs 15,000 was exempted under section 80D for people providing Health Insurance Cover for the parents. This exemption should be increased to Rs 30,000 and should allow coverage not only for parents but also for Parents in Law as a lot of times the coverage required for older people is expensive and the current Rs.15,000 limit does not do justice.
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Regards
Harsh Sinha
Associate
_______________________________________________
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