Highlights on Budget 2016-17 in light of the Insurance Industry

The objective of this Budget is to improve quality of life and to pass benefits to common man.

The Finance Minister Arun Jaitley giving final touches to the Union Budget.

This time the government decided to spend Rs 5,500 crore for the crop insurance scheme. In his Budget speech, Finance Minister Arun Jaitley said that the farmers will have to pay nominal premium for the coverage.There will be a uniform premium of 2% needs to be paid by farmers for all Kharif crops and 1.5% for all Rabi crops. In case of annual commercial and horticultural crops, the premium to be paid by farmers will be only 5%.The balance premium will be paid by the government. Isn’t this WOW!!! And one more Good News is that Government decided to provide health insurance up to Rs. 1 lakh per family.

Finance Minister Arun Jaitley on Monday proposed listing of four PSU general insurance companies namely, New India Assurance Company Ltd, National Insurance Company Ltd, Oriental Insurance Co Ltd, and United India Insurance Co Ltd.

Government is also working on a cashless health insurance scheme for senior citizens which may be announced in the upcoming days.