As the newly elected government is set to unveil their first Union Budget on 23July 2024, the Indian life insurance sector is buzzing with expectations. Realising the ambitious vision of ‘Insurance for All by 2047’ set by the IRDAI requires robust policy support, and the upcoming Budget presents a crucial opportunity to address key challenges and unlock future growth.
The upcoming Budget presents a crucial opportunity for the new government to partner with the Indian life insurance sector and accelerate its journey towards ‘Insurance for All by 2047’. By addressing key challenges, boosting its economic significance, and positioning it as a vital personal finance tool, the Budget can pave the way for a more inclusive and secure future for the Indian population.
By implementing these measures, the government can create a win-win situation, fostering a vibrant insurance sector while enabling individuals to plan for their financial well-being through the power of life insurance.
Nitin Mehta, Chief Distribution Officer – Partnership Distribution and Head – Marketing at Bharti AXA Life Insurance
