Effective September 2025, the GST Council granted long-awaited relief to Indian families by exempting individual health and life insurance policy premiums from the 18% Goods and Services Tax burden.
Key Highlights for Policyholders
- Direct Renewal Savings: Senior citizens and families renewing comprehensive health policies save significantly on annual outflow.
- Check Your Renewal Invoice: Ensure your insurer has passed on the full tax exemption rather than inflating the base premium concurrently without regulatory approval.