Good & Bad for Insurance in Budget 2015

Good & Bad for Insurance in Budget 2015

1. Increase in Health Insurance exemption limit from Rs 15000 to Rs 25000
2. Increase in Health Insurance exemption limit for senior citizens from Rs 20000 to Rs 30000
3. Jan Dhan account holders get Term cover for Rs 2 Lakhs by paying Rs 330 per year provided age is 18 to 50 years. Payment out of Bank Account

According to S K Sethi Director RIA Insurance Brokers Pvt Ltd

1. We welcome increase the limit for Individuals and senior citizens Services tax should be removed for all Health Insurance policies. On premium of Rs 18000 Crores the tax collected is Rs 2050 Crores which is discouraging the families to buy Health Insurance.
2. Rate should be Rs. 100 per year as Life Insurance have issued Group Term Insurance policies for Rs 76 per year for sum assured of Rs 2 lakhs . For 6crores persons rate has to be attractive. Rs 330 are very high premium. Negotiation is required by the Government.