Quote on Budget Wishlist by Mr. Naveen Chandra Jha, MD & CEO, SBI General Insurance
Below the Quote on Budget Wishlist by Mr. Naveen Chandra Jha, MD & CEO, SBI General Insurance
“Health insurance has emerged as a crucial safety net for Indian families, shielding them from unexpected medical expenses. According to the IBEF report, India is the 4th largest general insurance market in Asia and the 14th largest globally. Data from IRDAI’s annual reports reveals that health insurance has grown steadily at approximately 25% annually over the past three years, highlighting its importance in protecting households.
As India advances toward financial inclusivity and universal healthcare, Budget 2025 offers a pivotal opportunity to further strengthen the health insurance sector. Anticipated policy measures include enhancing accessibility, simplifying tax benefits, and encouraging innovation in insurance products. Initiatives such as Bima Sugam, designed to achieve the goal of ‘Insurance for All’ by 2047, are expected to receive regulatory and fiscal support to address the protection gap. Additionally, the budget is likely to focus on expanding access in underserved regions through government-private partnerships, targeted subsidies, and advancements in digital infrastructure. By fostering a conducive ecosystem, Budget 2025 can empower insurers to contribute to a healthier, more secure India, aligning with the vision of a Viksit Bharat.”
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