Insurance regulator IRDAI has submitted the insurance sector's budget expectations to the finance minister. The regulator is seeking doubling of I-T exemption limit under Section 80D for health insurance policies.
Currently, individuals get I-T exemption of Rs 25,000 on buying health insurance policies while senior citizens get an exemption of Rs 50,000. The insurance regulator has sought to double the limit to Rs 50,000 for individuals and up to Rs 1 lakh for senior citizens.
IRDAI has also sought for a separate window of I-T exemption of Rs 10,000-15,000 for property insurance. Currently, property insurance is not eligible for any I-T exemption.Watch video for more