Union Finance Minister Nirmala Sitharaman on Wednesday announced an exemption on individual health and life insurance from the earlier 18 per cent regime.
Addressing a press conference following the 56th GST Council meeting, Sitharaman said, “Insurance services from 18% currently will go into two, three different categories. Exemption of GST on all individual life insurance policies, whether term life, ULIP, or endowment policies, and reinsurance thereof, to make insurance affordable for the common man and increase the insurance coverage in the country.”
#WATCH | Delhi: After the 56th GST Council meeting, Union Finance Minister Nirmala Sitharaman says, “Insurance services from 18% currently will go into two, three different categories. Exemption of GST on all individual life insurance policies, whether term life, ULIP, or… pic.twitter.com/nYrnmoHRVC
— ANI (@ANI) September 3, 2025
“Exemption of GST on all individual health insurance policies, including family floater policies and policies for senior citizens, and reinsurance thereof to make insurance affordable for the common man and increase the insurance coverage in the country,” she added.
