General insurers seek tax breaks to prop up business

MUMBAI, JAN. 21: 

The general insurance industry has asked for tax concessions as the Finance Ministry gets ready for the upcoming Budget.

General insurers are seeking tax exemptions on homeowner’s insurance and personal accident covers. “The penetration level of general insurance in India is very low. So it’s time that the Government looks at giving this kind of tax breaks,” said Mr. G. Srinivasan, CMD, New India Assurance.

“We have asked for extension of the exemption limit of tax benefits in health insurance as well,” said K. G. Krishnamoorthy Rao, MD & CEO, Future Generali Insurance.