Insurance Relief On The Horizon: GST Exemption May Cut Premium Costs For Millions

The GST Council is considering a landmark proposal to exempt Goods and Services Tax on term life insurance and senior citizen health policies, potentially reshaping affordability and access across India’s insurance landscape. The move is backed by the IRDAI and a panel of ministers, with final approval expected in the upcoming Council meeting.

 

Key Takeaways From The Proposal

Why The Reform Matters

What’s Next

The GST Council is expected to table the proposal before the next Parliament session. If approved, the exemption could be notified and implemented within months, offering timely relief to millions of policyholders.

 

Sources: Moneycontrol, Financial Express, Times of India, India Today, CAclubindia.