As we count down to the budget, CNBC-TV18 has been speaking to various sector experts to know what they are expecting from Finance Minister Nirmala Sitharaman on February 1.

One move which both life and general insurance sectors will have their eyes on is whether or not the government increases the foreign direct investment (FDI) limit in the insurance sector to 74 percent from the current 49 percent.

Apart from that, life insurance companies have been seeking either an enhanced IT deduction limit under Section 80C over and above the Rs 1,50,000, which currently exists or a separate IT deduction window for the purchase of life insurance policies. They have also been asking for a reduction in the GST rate on the purchase of life insurance products.

The general insurance space has been seeking some incentives for the purchase of home insurance policies either in the form of a rebate or a state sponsored home insurance policy on the lines Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) or Pradhan Mantri Suraksha Bima Yojana (PMSBY).

The sector also has its eyes on any announcement with respect to recapitalization of the three PSU general insurance companies and any announcements regards to their merger.

First Published:Jan 29, 2020 12:58 PM IST