Page 47 - Insurance Times February 2022

What can the insurance industry expect

from Budget 2022-23?

Mr. Rakesh Goyal
Managing Director, Probus Insurance

The ongoing pandemic GST percentage from 18% (which is currently applicable for
seems to be far away health insurance). This would also help in securing more
from getting ended and people's lives and offer them the required financial
it is high time that the assistance, especially during the ongoing pandemic scenario.
individuals of our country The government must also work towards allowing the
realized the significance individuals to help invest this additional amount in significant
of having an optimum life phases, like education, home expenses, etc. Also, the
plan handy. The Tax exemption must be provided for individuals who are
insurance industry has opting for home insurance as it could be an additional
been investing a lot of burden for people who have already brought their houses
effort towards increasing through home loans.
the penetration of
insurance in our country, Considering the inflation of medical expenses for treatment
Rakesh Goyal
and so the Government of covid or any disease, the current deduction limit must thus
of our country also needs to step up in this initiative, and be increased, and there should be some special provision for
focus on both affordability & accessibility. Having said that, senior citizens as well. Furthermore, the additional expense
the government must consider making some immediate on stamp duty along with the GST amount for term life
changes to ensure a healthy ecosystem. insurance plans should also be exempted as they are purely
risk products. Lastly, government must focus on providing
To start with, the GST added in the individual insurance plans universal health schemes and additional benefits should be
could be overwhelming to the policyholders as they would added for the retirement plans, along with insurance-related
have to pay more than before, and it contradicts the mission financing solutions or relief schemes for areas highly prone
of increasing the penetration of insurance buyers in India. to any sort of catastrophic events. This would ultimately save
Hence, the government must work on this area to ensure the government from unplanned relief expenses during such
that the mission is met by either removing or dropping the a situation. T
HDFC Life Launches Sustainable Equity Fund

HDFC Life, one of India’s leading life insurers, has launched its Sustainable Equity Fund, currently available with HDFC
Life Click 2 Wealth, a unit-linked product. The Company is committed to industry-leading ESG standards that help shape
a sustainable future for the communities they serve and create long-term value for all stakeholders.
This Sustainable Equity Fund promotes Environmental, Social, and Governance (ESG) principles and will invest in stocks
that form part of benchmark ESG indices or in stocks of companies with high ESG scores. This ESG score is calculated
based on internal analysis, public disclosures, and ratings by external agencies.
ESG is a barometer of sustainable business practices, i.e., it helps identify if the business has a robust corporate
governance framework, benefits society at large, and is run in an environment-friendly manner. The objective of this
fund is long-term capital appreciation through investment in such select companies across market capitalisation.
HDFC Life’s ESG strategy focuses on -five pillars - Ethical Conduct; Responsible Investment; Diversity, Equity, and Inclusion;
Holistic Living; and Sustainable Operations. This ESG strategy has been developed based on global benchmarks and
material topics for HDFC Life, with the intent to address ESG risks and drive meaningful impact.

The Insurance Times, February 2022 47