Insurers seek high investment limit, GST reduction in Budget

Insurance companies are seeking a separate deduction limit of ₹1 lakh for insurance premium payment under Section 80C of the Income Tax Act in the upcoming Budget. Insurers are also seeking reduction in GST on health insurance products from 18% to 5% to make them affordable. They are also seeking doubling of medical insurance limit under Section 80D to ₹50,000.