GST on term life insurance premium, senior citizen's health coverage likely to be exempt
term life insurance premiums, and premium paid by senior citizens for health cover is likely to be exempted from tax, an official said on Saturday. The GoM to decide on the GST rate on life and health insurance met on Saturday and decided to exempt GST on premiums paid for health insurance with coverage of Rs 5 lakh for individuals other than senior citizens.
The final decision in this regard will be taken by the GST Council
Officials premiums paid for health insurance coverage of above Rs 5 lakh will continue to attract 18 per cent GST.
Currently, 18 per cent GST is levied on life insurance premiums paid for term policies and family floater policies.
«GoM members are broadly on board for cutting my rates on insurance premiums. A final decision will be taken by the GST Council,» an official said.
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