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Below the Post-Budget Reactive Quote by Mr. Sharad Mathur, Managing Director & Chief Executive Officer, Universal Sompo General Insurance Company

"The 2024 Union Budget reflects a strong commitment to driving economic growth and fostering financial security across the nation. The increased standard deduction and the proposed reduction in tax rates under the new tax regime will provide significant relief to individuals, particularly middle-income earners. This translates to increased disposable income, which can be channeled towards essential financial products like comprehensive insurance coverage. The revised tax regime simplifies compliance and offers notable tax savings, potentially encouraging a shift towards long-term financial planning that includes insurance.

The introduction of the NPS Vatsalya programme for parents to invest in their children's future highlights the government's dedication to promoting long-term financial security.
Overall, the budget's focus on economic resilience, streamlined taxation, and enhanced financial security sets a promising path for growth, paving the way for innovative insurance products that can adapt to evolving market demands”

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