IGI Logo

Below is Post Budget Reactive Quote By Sharad Mathur, Managing Director & Chief Executive Officer, Universal Sompo General Insurance Company Ltd.

“Over the years, the government has provided insurance coverage for 44.6 Crore persons under the Pradhan Mantri Suraksha Bima Yojana and the Pradhan Mantri Jeevan Jyoti Bima Yojana as part of its financial inclusion efforts. These programs aim to provide accidental and life insurance coverage to underinsured individuals and families at an affordable cost. In furtherance of its vision for Amrit Kaal, the government is focused on building a strong financial services sector and will continue to allocate resources towards strengthening these insurance schemes and increasing their reach to more people. The initiatives on providing farmer-centric solutions through relevant information services for crop planning is in line with the government's long-term aim to modernize agriculture, increase efficiency and productivity, and create new employment opportunities in the sector. The Union Budget has laid down further solid credit line guarantee for boosting the ever-important MSME sector. This will result in high capital expenditure by MSMEs requiring insurance protection. We believe that insurance companies will partner with MSMEs and Financial Institutions to protect the assets and infrastructure. The budget is in line with Hon Finance Minister’s broader vision to provide financial security to all citizens and increase insurance penetration in the country. The notable tweaks in the tax slabs will reduce the burden on taxpayers and allow customers to plan their long-term financial goals better.”

Above views are of the author and not of the website kindly read disclaimer