Insurance Sector Demands Tax Parity, Pension Reform for Budget 2026

• Insurance industry seeks tax parity for annuities, aligning with NPS for fair retirement planning.
• Calls for a stronger push for micro-insurance with lower costs and simplified structures to boost penetration.
• Advocates for parametric insurance solutions to address climate risks and reduce disaster relief burden.
• Proposes a unified insurance data exchange, building on IIB, for fraud detection and personalized pricing.
• Expects clarity on composite licensing reforms in Budget 2026 to allow insurers to offer both life and non-life products.

Why It Matters: Insurance sector urges Budget 2026 for tax reforms, micro-insurance support, and structural changes to boost penetration.