There is a growing demand to reduce or eliminate the current 18% Goods and Services Tax (GST) rate on life and health insurance policies. The high GST rate on insurance premiums poses a significant obstacle, especially for individuals with limited incomes. The combination of high premiums and GST makes insurance products inaccessible to many. Ajit … Read more
Budget expectations: The upcoming Union Budget for 2025, scheduled to be announced on February 1, is anticipated to bring forth reforms to bolster the expansion and reach of the insurance industry in India. Given the sector’s upward trajectory in recent times, industry experts are optimistic about initiatives that could promote financial inclusivity and stability. Insurers … Read more
Life insurance policies are long-term financial instruments designed to provide stability and security during unforeseen circumstances. However, policyholders often face financial challenges that lead them to prematurely surrender their policies to access immediate funds. While this may seem like a quick fix, it can have long-term repercussions. Instead, financing options can offer a less disruptive … Read more
Finance Minister Nirmala Sitharaman said that the cost of insurance for policyholders is expected to decrease if the GST Council recommends reducing the GST rate on health and life insurance policies. In a written response in the Lok Sabha on December 2, Sitharaman mentioned that during its meeting on September 9, the GST Council had … Read more
Revenue from goods and services tax (GST) levied on healthcare and life insurance services fetched over Rs 16,000 crore last fiscal, Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha on Monday. In all, Rs 16,398 crore was collected as GST from healthcare and life insurance services in FY24, including Rs 8,135 crore … Read more
Is it essential to take life insurance for my daughter who is pursuing higher education abroad? We have taken a travel insurance for her. AnusreePatna, Bihar Reply by Srinivas Balasubramanian, Chief of Products, ICICI Prudential Life Insurance Company Limited Studying abroad is a coveted aspiration for many Indian students, necessitating years of relentless effort … Read more
The Insurance Regulatory and Development Authority of India (IRDAI) has issued a new circular that recommends insurance companies to furnish important details to policyholders to ensure their protection of interests. This initiative aims to improve transparency for policyholders and streamline their communication with insurers. As per the guidelines, the life and general insurance companies have … Read more
The Insurance Regulatory and Development Authority of India (IRDAI) has issued a master circular on Protection of Policyholders’ Interests 2024, which gives details on norms on the protection of policyholders’ interests. The latest circular combines policyholder entitlements into a comprehensive reference document. It focuses on measures towards providing a seamless, faster and hassle-free claims settlement … Read more
Budget 2024-25: Before each Budget, the allocation of funds and tax incentives for various sectors become prominent topics of discussion. Leading up to this year’s comprehensive Budget, experts and industry insiders have emphasized the need to increase the healthcare spending as a percentage of GDP. This would enhance accessibility, affordability, and most importantly, the overall … Read more
Union Budget 2024: Indian insurance firms have been expecting various tax exemptions from the Central government in the upcoming Union Budget to improve the appeal and accessibility of insurance products, thus encouraging wider adoption across the country. Insurers specialising in life coverage are advocating for tax relief on annuities and a reduction in the goods and … Read more