GST Reforms: Nirmala Sitharaman’s Big Move For Making Insurance GST Exempt
After the 56th GST Council meeting, Nirmala Sitharaman announced that insurance services will now be categorized, with a game-changing exemption on GST for life and health policies. Whether it’s term life, ULIP, or endowment policies, they’re all GST-free, making insurance accessible to the common man and boosting coverage across the country. Health insurance, including family floaters and senior citizen plans, is also exempt, ensuring that more people can protect themselves without the burden of taxes
Life insurance, once taxed at 18%, is now free from GST, encouraging more people to secure their futures. Health insurance, vital for families and seniors, follows suit, with no GST on premiums or reinsurance, making healthcare more affordable.
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