Last year’s budget was focused heavily on the healthcare sector. With the nation poised to grow at 9.2 per cent, Budget 2022 was an optimistic announcement inclined towards economic recovery by giving importance to public welfare, e-learning, digital infrastructure and economy, sunrise sectors, etc. to fuel employment and economic growth avenues.
Piyush Jain, CEO and Co-Founder, ImpactGuru.com says, “As per the Economic Survey 2022 health sector saw approximately 73 per cent increased expenditure as compared to pre-Covid times. With regards to starting an open platform of the National Digital Health Ecosystem, it will put an impetus on a collaborative effort of providing quality healthcare facilities benefiting each stakeholder across the nation.”
The announcement to roll out – National Digital Health Ecosystem that consists of digital registries of health providers and facilities, experts believe will provide a boost to universal access of better healthcare facilities.
Srikanth Kandikonda, CFO, ManipalCigna Health Insurance says, “The pandemic has accentuated mental health problems in people of all ages. Thus, the launch of – National Tele Mental Health Programme will give access to quality mental health counselling and care services.”
In addition to these positive steps, Kandikonda points out, “if the government would have considered a reduction in the GST rate on the health insurance premium and increase the limit of the tax deduction for health insurance under section 80D, these initiatives would have further helped millions of people access quality healthcare at an affordable cost.”
Having said that, the budget 2022 announcement introduced some tax relief to persons with disability, in terms of insurance policies. In the budget speech, it was stated, the parent or guardian of a differently-abled person can take an insurance scheme for such person. The present law provides for a deduction to the parent or guardian only if the lump-sum payment or annuity is available to the differently-abled person on the death of the subscriber i.e. parent or guardian. There could be situations where differently-abled dependants may need payment of annuity or lump sum amount even during the lifetime of their parents/guardians. FM proposed to allow the payment of annuity and lump sum amount to the differently-abled dependent during the lifetime of parents.
Naval Goel, Founder and CEO, PolicyX.com explains, “It is a positive step by the Finance Minister towards the differently-able citizens. The exemption of tax from the death of the policyholder i.e. parent or guardian of the differently able guardians stands fruitful for the policyholder in their true sense as the reliant will acquire the whole total guaranteed sum that will be utilitarian for them to direct their life without any financial constraint.”
Additionally, the payment of annuity or lump sum amount to the differently-able dependent during the lifetime of the parent or guardians attaining the age of 60 years, experts say will further give assurance to the policyholders that the purpose of their investment done in the insurance has been fulfilled without any worrying about the inconvenience or challenge in the claim settlement.
Moreover, this step taken in the budget 2022-23 infers the genuine significance of the protection for example to help the dependents monetarily after the demise of the policyholder. Goel adds, “This further will likely gain the trust of the masses in insurance that will eventually lead to an increase in the penetration of insurance in the country.”