Page 38 - Insurance Times March 2021

III) is considered, then public sector banks (PSBs) may be insurance industry: (i) simplify the KYC norms and demat
benefited to sale their stake in insurance business to meet accounts to a single unit across all financial products, (ii)
the desired capital requirement under Basel III. Zero/5% GST for pure protection insurance policies, (iii)
separate deduction limit for premium paid on health/life
Concluding Remarks insurance.
The Indian insurance industry has always been an attractive
Hope budget moves would be positive for all the stake
market for global insurers to expand their business in the
holders!!!
country, mainly due to demography profile and untapped
business opportunities. In some countries, say Japan, South
Korea, Vietnam, Hong Kong and Taiwan etc, are allowed References
allow 100% FDI. In this context, the Union Budget moves Y Acharya D. and Parida T. K. (2014), "Life Insurance
to increase the FDI limit in insurance is a welcome move, Demand in India: Some Empirical Observations", The
Journal of Insurance Institute of India, October-December
which aims that the global investors to bring in the much-
required foreign capital to meet the industry needs.This may 2014, Vol. II, Issue II, pp. 129-134.
help the insurer to expand their footprint to support Y IRDA (2015), "Handbook of Insurance Statistics and
Government's objective of financial inclusion, through Annual Reports: Various Issues", IRDA
insurance inclusion in the country. Y Parida T. K. (2015), "Foreign Investments in Indian
Insurance Industry: An Assessment", The Journal of
Going forward, the present low interest rate scenario may Insurance Regulatory and development Authority (IRDA),
help the insurance sector to push up the business but the Hyderabad, Vol. XIII, No. 3, pp. 11-15, March 2015.
return on investment would decline due to the fall in G-sec Y Government of India (2013): 'Union Budget Documents;
yields (Parida & Acharya, 2014). So, this is the best time for 2014-15, 2020-21', Finance Ministry, Government of
the insurers to tap the rural market and sustained in the India, New Delhi
business for a long term. Further, we expect Government Y IRDA (2019): "Handbook of Insurance Statistics and
should look into the following measures for a robust Annual Reports: Various Issues", IRDA

FORM IV (SEE RULE 8)
1. Place Kolkata
2. Periodicity of Publication Monthly
3. Printer’s Name Satyajug Employees Co-operative Industrial Society Ltd.
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
Address 13, Prafulla Sarkar Street, Kolkata - 700 072
4. Publisher’s Name Sushil Kumar Agarwala
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
5. Editor’s Name Dr. Rakesh Agarwal
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
Address 25/1, Baranashi Ghosh Street, P.S. Girish Park,
Kolkata - 700 007
6. Name and address of individuals who own Sushil Kumar Agarwala
the newspaper and partners or shareholders Proprietor
holding more than one percent of the total capital 31/1,Sadananda Road, P.S. Kalighat, Kolkata - 700 026

38 The Insurance Times, March 2021