Quick Summary
As the 56th GST Council meeting approaches on September 3-4, 2025, a major relief measure for households may be on the horizon. Sources indicate that the Council is likely to consider a proposal for complete exemption of GST on life and health insurance policies. The recommendation comes from the Group of Ministers (GoM) on health and life insurance, which has reached an in-principle consensus to support the Union government's proposal. The GoM report will be tabled at the upcoming meeting for
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FAQ :
The 56th GST Council meeting is scheduled for September 3-4, 2025.
The main proposal is to grant a complete exemption from GST on all individual life insurance policies and individual and family floater health insurance policies.
The recommendation comes from the Group of Ministers (GoM) on health and life insurance.
The estimated annual revenue impact of the exemption is around Rs 9,900 crore.
Most states are supportive, but some like Karnataka, West Bengal, Kerala, Punjab, and Tamil Nadu are concerned that insurers might not pass the benefit to policyholders.
The final decision rests with the GST Council, chaired by Finance Minister Nirmala Sitharaman.
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