Voices calling for more funding for the insurance industry and an increase in the maximum amount that may be deducted from health insurance premiums are becoming louder ahead of Finance Minister Nirmala Sitharaman's announcement of the Union Budget 2024.

According to Ashwani Dhanawat, Executive Director and Chief Investment Officer of Shriram General Insurance Company, the insurance industry expects the next union budget to address a number of crucial issues that are necessary for both public welfare and economic progress.

"We welcome the prospect of higher budgetary allocations to the insurance sector, which will enhance our ability to provide comprehensive coverage and innovative solutions to a broader segment of the population in achieving the Insurance for All mission of IRDAI," Dhanawat said.

We anticipate a rise in the health insurance premium deduction limit in light of the growing expense of healthcare, since this would provide policyholders with more financial assistance, Dhanawat continued.

He said that by lowering the GST on health insurance plans, these necessary goods would become more reasonably priced and easily available.

The Union Budget 2024 may be presented on July 24, despite there having been no formal notice on its presentation. According to media rumors, this might happen on July 24.

According to a Financial Express story, the FM may deliver the whole budget on July 24; the Economic Survey is scheduled to be introduced on July 23.