Expectations and Anticipations for Union Budget 2024: Insights from Industry Experts

The upcoming Union Budget 2024 is generating high expectations from various sectors, with the insurance industry being one of the key stakeholders eagerly awaiting significant reforms. Industry experts and leaders have voiced their expectations and hopes for the budget, emphasizing the need for measures that can boost the insurance penetration rate in the country, which currently stands at just 4%.

Shailesh Kumar, Co-founder and Insurance Head at Insurance Samadhan, highlighted the importance of reformative measures that can increase transparency and inclusivity within the insurance sector. He expressed anticipation for favorable measures that would make insurance products more consumer-centric, including tax incentives for major insurance categories such as life and health. Kumar also emphasized the need for enhanced digitization to streamline the claim verification and settlement process, ultimately boosting consumer confidence and encouraging more individuals to participate in insurance schemes.

Sarbvir Singh, Joint Group CEO of PB Fintech, echoed similar sentiments, emphasizing the need for significant reforms in the insurance sector to spur growth and strengthen the economy. Singh highlighted the importance of amending the insurance act to enable the entry of new players, including foreign insurers and Insurtech companies, to drive product innovation and wider insurance adoption in the country.

Overall, the insurance industry is looking forward to the Union Budget 2024 to introduce measures that will not only enhance insurance penetration but also contribute to the overall growth and development of the sector. With expectations high and stakeholders eagerly awaiting the budget announcement, all eyes are on Finance Minister Nirmala Sitharaman as she prepares to present the first Budget of the newly elected government’s third term.