For a “Viksit Bharat” to endure, national success must be measured by the financial resilience of Indian families. (AI image)

By Sumit Madan The Union Budget 2026 arrives at a defining juncture of India’s ascent, where progress must be measured not merely by the velocity of our growth, but by the resilience of the nation’s foundation. Over the past few decades, India has undergone a historic transformation, scaling from a $1 trillion economy to a global powerhouse through massive, sustained investments in physical and digital infrastructure. Yet, as the nation targets the $5 trillion milestone and beyond, we must recognize that swift economic expansion without robust household financial security is inherently fragile. As India enters this next chapter of growth, life insurance must be positioned as a national priority and a strategic pillar that transforms prosperity into permanence and shields the aspirations of a billion-plus people from the headwinds of uncertainty.The Resilience Gap: Why Household Security Matters NowFor a “Viksit Bharat” to endure, national success must be measured by the financial resilience of Indian families. However, recent data signals a dual vulnerability where according to the Economic Survey 2024-25, India’s gross domestic savings as a percentage of GDP fell from 31.2% in 2021-22 to 30.2% in 2022-23 (First Revised Estimate). This decline in savings is mirrored by a stagnation in financial protection, leaving households exposed. This downward shift is more than just a statistic, and signals an impending vulnerability in the nation’s financial foundation. To address this, the Union Budget 2026 must serve as a critical demand-side engine to rebuild this foundation through a two-pronged fiscal strategy. First, to bolster overall household savings, a comprehensive overhaul of Sections 80C, 80CCC, and 80CCD is required, featuring higher, inflation-indexed limits.As it stands, India’s total sum assured as a percentage of GDP stands at just 24%, a stark contrast to Singapore (332%) or Malaysia (153%). Consequently, India’s protection gap remains the highest in the region at 83%, compared to just 55% in Singapore.Hence, to specifically bridge this protection gap, the government should introduce a dedicated tax deduction for pure term insurance premiums, independent of the current ₹1.5 lakh limit of Section 80C. By establishing an exclusive incentive similar to Section 80D’s treatment of health insurance, the Budget can elevate life protection from a discretionary expense to a fundamental pillar of financial planning, ensuring a secure household base for a developed India.India’s Impending Challenge: Ageing with DignityDespite rising disposable incomes, a significant share of Indian households, especially those dependent on a single breadwinner, remains one income shock or medical emergency away from financial distress. The need for reform is made more urgent by a looming demographic shift: India is set to age faster than it grows rich. By 2050, one in five Indians will be over the age of 60, yet retirement preparedness continues to lag behind aspiration. Addressing India’s impending demographic and financial challenges requires moving beyond fragmented, legacy frameworks. The Union Budget 2026 should create a dedicated tax bucket for annuities and pension products, recognizing retirement planning as a non-negotiable social necessity. Crucially, this reform must create parity with the National Pension System (NPS), ensuring that all pension-linked instruments benefit from a level playing field to encourage long-term disciplined saving.Central to this overhaul should be the inclusion of annuities under Section 10(10D) as tax-exempt instruments. Currently, Section 10(10D) explicitly excludes retirement payouts, treating annuity income as taxable at the individual’s slab rate, which creates a significant deterrent to retirement security. Granting tax-free status to these payouts will ensure protection remains meaningful in an evolving economy. By aligning the annuity tax treatment, India’s financial architecture can evolve into a credible social security platform, shifting life insurance from a discretionary purchase to an essential safety net. From Reform to Execution: Making Policy Work for HouseholdsTo deliver these targeted solutions at scale, the regulatory framework must undergo a commensurate evolution. The government’s recognition of life insurance as an essential service under the GST framework is a progressive measure that serves as a vital precursor to the sector’s overarching reform. This fiscal alignment effectively anchors the Sabka Bima Sabki Raksha Bill 2025, which has already established the strategic direction for universal coverage. To translate this vision into impact, the upcoming Union Budget 2026 must now provide a concrete execution roadmap, formalizing the transition toward 100% FDI while ensuring robust governance remains paramount.Furthermore, there is significant anticipation for a clear roadmap regarding Composite Licensing. By enabling a “one-stop-shop” model integrating life and health insurance, the industry can lower distribution costs and simplify the consumer journey, fostering a more holistic protection ecosystem for all Indians.Today, it is time to recognize life insurance as a vital fiscal stabilizer, with the Union Budget 2026 representing an opportunity to institutionalize financial security as a national priority. Together, policymakers and the industry can ensure that by 2047, every Indian household stands protected.(Sumit Madan is Managing Director and CEO, Axis Max Life Insurance)

ULHASNAGAR: It is often said that highly educated professionals hesitate to enter active politics, but the Ulhasnagar Municipal Corporation elections have produced a notable exception. In a significant political move, the Shiv Sena has fielded a school principal as its candidate from Panel 3-B, giving a fresh dimension to the civic poll contest.Panel 3-B is being led by senior Shiv Sena leader Rajendra Singh, popularly known as Bhullar Maharaj, a six-time former corporator with a strong grassroots presence. Contesting alongside him are Vandana Bhadane, Charanjit Kaur Bhullar, and Sangita Khandare. Bhullar Maharaj’s long-standing work in the ward, combined with a blend of experienced and professional candidates, is being projected by the party as a strong and balanced panel.Vandana Bhadane, who currently serves as the Principal of Century Ryan High School, is contesting the elections on a Shiv Sena ticket. Apart from holding a senior administrative role in the education sector, she is considered one of the most academically qualified female candidates in the Ulhasnagar civic elections. Her educational qualifications include a Bachelor of Science (BSc), Master of Science (MSc), Bachelor of Education (BEd), Master’s degree in Education, a Law degree (LLB), and a Diploma in School Management.The Shiv Sena believes that Bhullar Maharaj’s proven track record in the ward, coupled with Bhadane’s professional experience and academic achievements, will resonate with voters seeking capable, transparent, and knowledgeable leadership in local governance.Speaking about her priorities, Bhadane said that if elected, she would focus on improving the quality of education in schools run by the Municipal Corporation. Drawing on her experience in school administration, she said her efforts would be directed toward better infrastructure, improved teaching standards, and creating a more supportive learning environment in civic schools across Ulhasnagar.Political observers note that the entry of a highly qualified educationist into the electoral fray has intensified the contest in Panel 3-B. The BJP, which is the Shiv Sena’s principal rival in this panel, is now facing a tougher challenge. The Shiv Sena’s decision to field a well-educated professional is being viewed as a calculated strategy to attract middle-class and education-conscious voters.

NOIDA: Dozens of residents, including children, have complained of vomiting, diarrhoea and fever after sewage got mixed with the drinking water supply in Greater Noida’s Sector Delta 1. On Wednesday, teams from GNIDA and the health department inspected the area, repaired the leak and distributed medicines, ORS, glucose and anti-inflammatory antacids. The authority also collected water samples from the area for tests.Residents fear an Indore-like tragedy that claimed multiple lives and left over a hundred hospitalised, and have demanded better monitoring, citing repeated leakages in its three-decade-old pipelines and substandard quality of supply water.

Leak plugged & sample sent for test, says GNIDA GNIDA assistant manager (water dept) Manoj Choudhary told TOI that a dilapidated section of a water pipeline in Block C was found leaking and was repaired immediately by Wednesday afternoon. He said inspections were also carried out in other parts of the sector, where two additional leaking pipelines were identified and replaced. “We checked the quality of water supply post repairs in the evening, and found it to be normal,” he said. Dr Narayan Kishore, CMS, CHC Kasna, told TOI that they received information from RWA members on Wednesday morning, following which a medical camp was set up. “Around 30 people visited the doctors, of them five to six were given medicines, while others were advised ORS. The situation is under control, and if required, we will organise another camp tomorrow,” he said.Also read | Drains choked, brave sewage pools to get across roads in Greater Noida Residents, however, said cases of diarrhoea began emerging since Monday. Pramod Bhati, RWA president of Sector Delta 1, claimed that so far, about 12 people have taken ill, including some children aged between 12 and 15 years. “Almost all are residents of Block C, where the pipeline ruptured a couple of days ago, and they have complained of vomiting, fever and loose motions,” Bhati said. He claimed that this was the third water pipeline damage reported within a week in a sector that houses around 20,000 people across its six blocks, A to F. “Last week, a similar leakage was reported in Block F.” Rukmani Singh (42), a resident of Block C, who has been suffering from a stomach infection since Monday, told TOI, “I felt uneasy at first and immediately suspected the water. Soon after, I had loose motions and became very weak,” she said. Her condition has improved slightly, but she has been on medication after her husband took her to a private doctor. Four of her neighbours, Vinod Kumar, Surendra Sharma and Vijay Thakur, all in their late 40s, and Drati Sharma (12), developed similar symptoms.Also read | Mom dies, girl lives: Did packaged water make all the difference? According to residents, blocked sewer lines in the area had been diverted into a drain, allowing sewage to seep into a leaking water supply pipeline that runs through the same channel. Rishipal Bhati, a resident of Sector Delta 1, said that while Greater Noida is being projected as an industrial and investment hub, basic civic amenities continue to lag. “Instead of repairing the blocked sewer line, it was diverted into a drain. The uncovered manhole allowed dirty water to seep into an old, leaking water pipeline, contaminating the drinking supply. How would anyone feel knowing the water they drink and bathe in is mixed with feces? We pay our bills, yet are forced to use contaminated water,” said Deepak Kumar Bhati, convenor of the sector’s RWA. Choudhary urged residents to report any water or sewer leakages, assuring priority repairs. He said water department teams are working continuously to maintain supply lines and that pipeline replacement proposals were being prepared, primarily for older sectors or areas facing persistent problems. With inputs from Ayantika Pal