Budget Reaction – New India Assurance CMD Mr. G. Srinivasan

New India Assurance CMD Mr. G. Srinivasan
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The budget reactions by Mr. G. Srinivasan, Chairman and Managing Director – The New India Assurance.

1) The National Health Protection Scheme announced is a great move to bring
health insurance to almost 40% of the population and is move towards Universal health insurance . The scheme is significant as it provides Rs 5 lakhs cover to the family for secondary and tertiary treatments.

2) Extending PMJJY and PMSBY to cover larger population will bring insurance to more people. The announcement to provide micro insurance and pension schemes to Jan Dhan Yojana Accounts is very positive.

3) Merger of three public sector general insurance companies and listing them is welcome. Full details are awaited.

4) The various measures announced to improve the rural economy is very positive and it would help improve disposable incomes of vast majority of the population.

5) The thrust towards infrastructure development including Bharatmala scheme and developing Aviation infrastructure is very positive for the insurance sector .

6) The decision to increase 80D exemption limit for health insurance is positive and will lead to more health insurance penetration.