Home / Financial News / ‘Tax incentives for non-life products will boost penetration’

‘Tax incentives for non-life products will boost penetration’

The non-life insurance sector will see higher penetration among customers if tax incentives are offered, according to R Chandrasekaran, secretary-general, General Insurance Council.

Speaking at the Insure India Summit organised by Fintelekt, Chandrasekaran said the sector has sought tax incentives for health insurance under Section 80 D from the government. He added that personal lines such as home insurance should have tax benefits to push sales.

The sector has also sought a mandatory natural catastrophe cover that can be taken to cover such perils in calamity-prone areas. “This will ensure that incidents related to death, injury and damage to contents/property can be adequately covered,” he said.

On the issue of different rates and procedures, a cause of concern in health insurance, Chandrasekaran said having a health regulator would reduce malpractices. The sector has also taken baby steps to have standardised processes and rate structures in hospitals.

The General Insurance Council has also suggested having a public liability cover mandatorily for public places.

Chandrasekaran said this would mean owners/operators/organisers of places such as stadiums, museums, theatres, large religious gatherings apart from airports and railway stations would be compulsorily required to take a public liability policy to cover possible risks.

These policies could cover the risks of loss of life and property due to accidents and other man-made incidents.


Check Also

Debate on Article 370 marked by posturing, says RSS

The Rashtriya Swayamsevak Sangh (RSS) is recalibrating its discourse on its demand ...

Street cautiously positive on JSPL post coal mine

Jindal Steel and Power (JSPL), which witnessed its lowest point in the ...