Union Budget 2025 by Mr. Gaurav Parasrampuria, CFO, Magma General Insurance Limited
“In the upcoming Union Budget 2025 announcement, we remain optimistic about the government’s commitment to encouraging the insurance sector. We expect measures aimed at increasing insurance penetration, such as tax incentives for policyholders under section 80D and initiatives to reduce GST on health insurance premiums while retaining the benefit of input tax credit for the industry. These actions will make insurance more accessible to a wider audience as well as stimulate growth and innovation within the industry. In line with the government’s vision of ‘Insurance for All by 2047,’ we are hopeful for policies that will support this determined goal, ensuring that every citizen has access to adequate insurance coverage, securing their financial future.”