Union Budget fulfills wish list of health insurance sector

Somesh Chandra, Chief Operations Officer & Chief Quality Officer, Max Bupa

"The Union Budget 2015-16 is a breakthrough budget and sets pace for fast growth economic trajectory through a robust financial framework. We are delighted that the budget has fulfilled the wish list of the health insurance sector and delivered on our long standing demand, of increasing the tax deduction limit under section 80D. Increasing the tax deduction in health insurance premium from Rs. 15,000 to Rs 25, 000 and up to Rs 30, 000 for senior citizens will improve affordability, accessibility and awareness of health insurance. Health benefits for senior citizens will facilitate comprehensive health coverage for the elderly and aid tax rebate. The accident insurance for rural and BPL population with annual premium of Rs. 12 showcases focus on affordable healthcare provisioning. This will boost health insurance penetration which is currently under 5% and mostly restricted to the urban areas, stimulate industry growth and encourage individuals to raise their health investment. We are confident that the budget will bring macroeconomic stability by conquering inflation, enable equal economic opportunity and lay a favorable roadmap for double digit economic growth."

Source : Equity Bulls

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