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Insurance Sector's Significant Contribution to National Development: Tapan Singhal

Chandigarh: Tapan Singhal, the MD and CEO of Bajaj Allianz General Insurance, stated that the insurance sector plays a crucial role in the advancement of any nation. He addressed a press conference in Chandigarh and emphasized that the absence of health insurance is the reason why approximately 100 million people in the country fall below the poverty line every year. When someone is afflicted with a severe illness, the lack of health insurance compels them to sell their assets and jewelry. However, having health insurance can provide support during these challenging times.

Singhal pointed out that areas where crop insurance is prevalent, instances of farmer suicides are significantly reduced. With 30 years of experience in the insurance sector, Tapan Singhal, who also serves as the Chairman of the Insurance and Pension Committee of the CII, highlighted the recent efforts by Bajaj Allianz General Insurance to swiftly process claims for individuals affected by natural disasters in Kullu, Himachal Pradesh, and Ambala, Haryana. Approximately INR 160 million worth of claims have already been disbursed in Kullu.

In the realm of insurance, social media's significance was underscored by Tapan Singhal. He explained that for minor road accidents where no harm or injuries occur, policyholders of his company can upload photos of the vehicle from all angles, and within just 20 minutes, their claim is processed.

Efforts to Reduce GST on Insurance Premiums

Tapan Singhal revealed that endeavors are underway to lower the Goods and Services Tax (GST) on life and health insurance premiums. Currently standing at 18%, there's a request before the GST Council to reduce it to 12% or 5%.

Vikramjit Singh Bhayana, Head of Marketing (India) at Bajaj Allianz General Insurance, was also present at this occasion.

It is worth noting that Tapan Singhal has been honored with numerous prestigious international and national awards for his innovative initiatives and exceptional contributions in the field of insurance. He has been bestowed with the title of Honorary Professor of Practice by the renowned Chandigarh University.


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