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The Life Insurance Corporation of India (LIC) has announced that it has fully passed on the benefits of the recent Goods and Services Tax (GST) exemption on life insurance premiums to its customers. This move, the insurer said, will make life insurance more affordable and is expected to boost insura
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Yes, LIC has announced that it has fully passed on the benefits of the recent Goods and Services Tax (GST) exemption on life insurance premiums to its customers.
The exemption is expected to make life insurance more affordable for millions of policyholders and boost insurance penetration across the country.
LIC reported a standalone net profit of Rs 10,053.39 crore for the July-September 2025 quarter, a 32% jump from the previous year.
The GST exemption on all individual life and health insurance premiums came into effect on September 22, 2025, under the GST 2.0 framework.
LIC maintains a dominant position with a 59.41% market share based on first-year premium income.
LIC expects the GST exemption to further accelerate business growth in the upcoming quarters and act as a major growth catalyst for the industry.
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