<p><em><strong>By Parag Raja,</strong></em></p>.<p>Life insurance plays an important part in individual well-being and social and economic welfare and protects us from most risks.</p>.<p>The unprecedented times following Covid-19 have strengthened the bias towards protection policies which bring real insurance products to the customers and build a safety net for their families.</p>.<p>However, a large part of the population in the country still remains underinsured or uninsured. We expect this budget to spur penetration of insurance with a lower tax regime and higher tax free slabs in a crammed 80C and 80D limit where life insurance comes across to be grappling for space.</p>.<p>Undoubtedly, the insurance industry needs a much needed boost from the government in terms of policy incentives and relevant tax relaxations. This will also enhance insurance penetration and financial inclusion in the country.</p>.<p><a href="https://www.deccanherald.com/tag/union-budget-2021" target="_blank"><strong>Union Budget 2021 | Get the live news updates, views & analysis here</strong></a></p>.<p><em>(The author is the MD and CEO of Bharti AXA Life Insurance)</em></p>
<p><em><strong>By Parag Raja,</strong></em></p>.<p>Life insurance plays an important part in individual well-being and social and economic welfare and protects us from most risks.</p>.<p>The unprecedented times following Covid-19 have strengthened the bias towards protection policies which bring real insurance products to the customers and build a safety net for their families.</p>.<p>However, a large part of the population in the country still remains underinsured or uninsured. We expect this budget to spur penetration of insurance with a lower tax regime and higher tax free slabs in a crammed 80C and 80D limit where life insurance comes across to be grappling for space.</p>.<p>Undoubtedly, the insurance industry needs a much needed boost from the government in terms of policy incentives and relevant tax relaxations. This will also enhance insurance penetration and financial inclusion in the country.</p>.<p><a href="https://www.deccanherald.com/tag/union-budget-2021" target="_blank"><strong>Union Budget 2021 | Get the live news updates, views & analysis here</strong></a></p>.<p><em>(The author is the MD and CEO of Bharti AXA Life Insurance)</em></p>