According to sources, the GoM is expected to suggest a full exemption of GST on premiums for pure term life insurance and pure term life insurance that covers family members. Are you considering purchasing or extending your health and life insurance?
You might soon be eligible for a tax break from the government. According to reports, the GST Council is expected to convene in December to review the report on the plan to rationalize life and health insurance premium prices.
According to additional sources, the GoM, chaired by Bihar Deputy Chief Minister Samrat Chaudhary, convened a comprehensive discussion on the matter in New Delhi on October 19, following which it is believed that a consensus was reached. Similarly, according to the sources, “the GoM is likely to propose GST exemption on all health insurance policies for senior citizens and for non-senior citizens, the exemption is proposed for policies with a cover up to ₹5 lakh.”
