In the upcoming budget, we anticipate that the finance minister will exempt insurance policies from GST, which will bring down insurance premiums. This step will increase insurance affordability and help fulfil Prime Minister Modi’s dream of insurance for all Indians by 2047. Additionally, we expect the government to increase the tax exemption limit under 80C, which will encourage savings, promote insurance coverage, and stimulate economic growth. Various studies have shown that increased insurance penetration has a multiplier effect on the economy by reducing overall financial distress and making long-term growth capital available to important nation-building industries.
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