New Delhi, Jan. 30 -- Insurance companies are looking at government support for the sector through Budget announcements that enhance accessibility, simplify tax benefits, and encourage innovation in insurance products. These include regulatory and fiscal support to initiatives such as Bima Sugam, which aims to address the protection gap and achieve the 'Insurance for All' goal by 2047.

India is estimated to be Asia's fourth-largest general insurance market and 14th-largest globally. According to data from the Insurance Regulatory and Development Authority of India, health insurance has led this growth, which has grown around 25% annually over the past three years.

The biggest expectation from the Budget is that the government will table...