Quick Summary
In a significant development for the insurance sector, the Group of Ministers (GoM) has proposed exempting Goods and Services Tax (GST) on term life insurance premiums and health insurance premiums paid by senior citizens. This decision was made during a meeting held on Saturday, indicating a shift towards alleviating the financial burden on older adults. Key Proposals GST Exemption on Health Insurance: The GoM has recommended exempting GST on health insurance premiums for individuals with
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FAQ :
The Group of Ministers (GoM) has proposed exempting Goods and Services Tax (GST) on term life insurance premiums and health insurance premiums paid by senior citizens.
For individuals other than senior citizens, GST exemption is recommended for health insurance premiums with coverage up to ₹5 lakh. Premiums for coverage exceeding ₹5 lakh will still attract an 18% GST.
There are discussions around completely waiving GST on all health insurance premiums paid by senior citizens, regardless of the coverage amount.
Currently, life insurance premiums for term policies and family floater policies attract an 18% GST.
The final decision regarding these proposals will be made by the GST Council.
The GoM is expected to submit its findings and recommendations by the end of October.
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