3 min read
As India’s Finance Minister Nirmala Sitharaman presented the Union Budget for 2022-23, the entire nation was glued to the announcements today.
The government’s declaration of Rs 64,180 crore to be spent to improve healthcare services over the next six years that was made in today’s Budget is likely to bring hope to many sectors, including the Insurance sector.
The Insurance sector had its share of expectations pertaining to some very crucial and important matters, which are likely to help bring more and more people under the cover of Insurance.
Here are some of the key highlights of budget 2022-23 announcements pertaining to Healthcare and Insurance sector:
The Insurance sector has had high expectations from the Central Budget for the year 2022-23 in many aspects including broadening the Insurance dissemination in the country to cover more people.
With higher incidence of tax, together with a high medical inflation of 7 to 7.5%, Health Insurance products have become highly priced for common people. Moreover, the unprecedented claims pay-out and the changes in risk perception in the recent times has aggravated the situation. Thus, to boost Insurance penetration and to make it easily affordable to one and all, the Insurance sector was looking forward for some important updates from Budget 2022-23.
Though it is yet to see whether, and to what extent, the above expectations will be fulfilled by the government. However, the announcement of Rs 64,180 crore on Health Care services sector is sure to positively impact the Insurance sector and bring cheer to the category.
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
Indian Constitution's Article 112 says that the Union Budget is the annual financial statement of the
country that provide estimated receipts and expenditure of the government for a particular year.
The Union Budget is prepared by the budget division of the department of economic affairs (DEA)
in the finance ministry. This body is solely responsible for producing the budget.
The Union Budget is important because it helps in controlling the economic fluctuations. It brings
about economic stability in the country. It ensures proper handling of inflation and deflation.
Surplus budget policies are implemented at the time of inflation, and during deflation, deficit budget
policies are devised.
The budget 2022-23 declared Rs 64,180 crore to be spent to improve healthcare services
over the next six years along with many other declarations, such as:
• Budget 2022-23 is the roll out of an open platform for the National Digital Health Ecosystem.
The roll out will enable digitization of data on health and health care providers, and will allow
exclusive access to health facilities on a virtual platform.
• This exclusive health identity system is likely to help the insurance companies in assessing
risks better, as well as in reviewing premiums and claims in a better way.
• It is evident from this budget highlights that the government is committed towards building
a strong health system in the coming years.
View this post on Instagram
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Updated on Feb 15, 2024 India’s finance minister Nirmala Sitharaman presented the budget for FY 2024-25 on February 1, 2024. The announcement brought some exciting.
Updated on Feb 15, 2024 National Girl Child Day is celebrated on January 24 every year to support girl child rights in India. Here is.
Updated on Feb 9, 2024 Every year 12 January is celebrated as National Youth Day in India to recognize the role of young people in.
December 1 is marked as World AIDS Day. It is observed every year to educate people about HIV AIDS. HIV, or Human Immunodeficiency Virus, is.
October 24 is observed as World Polio Day every year. It is a day focused on creating a world free from polio. It is a.
World Stroke Day is an event organized to make people aware of the implications of getting a stroke and to help them prevent the situation.
Globally, 20th October marks the day to observe World Osteoporosis Day. Do you know the significance of observing Osteoporosis on a global platform? Do you.
Do you know the condition of Arthritis is more common among women as compared to men? Women are prone to experiencing worse pain and aches.
Girl child abuse, gender inequalities between boys and girls, and discrimination & violence against the girl child are some terms that many fortunate women living.
Speak to our advisor
Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2024 Mahindra Insurance Brokers. All Right Reserved.
Verify your number to activate your best premium offer
Please enter the OTP sent to XXXXXX 4099 to continue