The Union Budget has completely "ignored'' life insurance sector, according to Manoj Kumar Jain , CEO, Shriram Life Insurance.
"We expected a separate limit of Rs 50,000 on pension plans, but not to be. However, the finance minister has increased limit from Rs one lakh to Rs 1.5 lakh in the New Pension Scheme,'' he told BusinessLine here.
The major highlight of the budget (apart from reduction in corporate tax over next four years) was the government's approach to creating social security system in the country, Jain said.
"If we particularly talk about insurance sector, Government has raised premium exemption on health insurance premium from Rs 15,000 to 25,000. For senior citizens, the limit will stand increased to Rs 30,000 from the existing Rs 20,000.'' he added.