Union Budget 2025 | Significant opportunity to accelerate the adoption of health insurance: Mukul Bhatia, Managing Director – Head of Corporate Solutions Group, Lockton India

'Targeted incentives for corporate entities to provide enhanced employee benefits, such as comprehensive health insurance plans, can further strengthen the country’s economic resilience,' he said.

The Union Budget for the upcoming financial year is all set to be presented on February 1, 2025, by Finance Minister Nirmala Sitharaman. According to reports, the Narendra Modi government may consider slashing income tax for individuals earning up to Rs 15 lakhs per annum and extend the tax relief bracket in a bid to provide relief to the middle class and boost consumption.

Ahead of the Budget, Mr Mukul Bhatia, Managing Director – Head of Corporate Solutions Group, Lockton India said "The Union Budget 2025 offers a significant opportunity to accelerate the adoption of health insurance and enhance financial security across India. By introducing additional sops and tax incentives for individuals and corporate entities, the budget can boost health insurance penetration, aligning with the national vision of achieving universal insurance coverage by 2047. This would ensure greater financial protection for all."

He added, "Targeted incentives for corporate entities to provide enhanced employee benefits, such as comprehensive health insurance plans, can further strengthen the country’s economic resilience. Additionally, with the increasing frequency of natural disasters, promoting disaster resilience through incentives for catastrophe insurance products can facilitate timely recovery and reduce financial losses, particularly in high-risk regions. Our vision at Lockton India, is to provide innovative insurance solutions and believe that progressive reforms in this budget can enable the insurance sector to play a crucial role in creating a secure and inclusive future."

Union Budget 2025 | Nirmala Sitharaman, who continues to be Finance Minister, will present her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', reports suggest there might be a tax relief for those making up to Rs 15 lakh per year. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.