Bringing a large number of people under healthcare coverage should be the primary priority as it’s the only available instrument of social security for people in India. Measures like increasing the 80D limit and providing rebates may also be offered to people buying health insurance for spouse and dependent children rebates will be a positive step. Rationalizing GST, which is currently levied on health insurance policies at 18 percent, should be brought down to boost the coverage rate. This will play a major role in increasing the demand for health insurance policies, especially considering the ongoing pandemic situation.

Md. Shahid-Product Head & Director in Insurance,IIFL