Archive · 15 Nov 2025
GST Exemption on Life, Health Insurance Boosts Sales: IRDAI Member
Imagine the government decided not to charge a special tax on your life and health insurance for individuals.
A big boss from the insurance company said that this good news made lots more people want to buy these types of insurance.
He saw that in October, many more policies were sold, which is great!
He thinks this will help more people get insurance, like a helpful push.
To make sure everyone in the country has insurance by the year 2047, they need to make sure people know about it, can afford it, and can easily get it.
They also need to make sure people trust the insurance companies and that any problems are solved quickly.
IRDAI member Deepak Sood stated that the GST exemption on individual life and health insurance premiums has led to substantial growth and interest.
October sales numbers for life and health insurance indicate that growth is expected to accelerate in the second half of the financial year.
Sood believes the exemption will aid in increasing insurance penetration across the country.
Achieving the 'Insurance for all by 2047' goal requires overcoming barriers of awareness, affordability, and accessibility, along with bridging trust deficits.
Insurers are urged to prevent mis-selling and establish robust grievance redressal mechanisms.
- Who
- Deepak Sood, member (non-life) of the Insurance Regulatory and Development Authority of India (IRDAI)
- What
- Stated that the exemption of individual life and health insurance premiums from GST has significantly boosted sales and interest in these sectors, and expects further growth.
- When
- Friday
- Where
- 17th Assocham Global Insurance Conclave in Mumbai
- Why
- The GST exemption on premiums is seen as a catalyst for increased insurance penetration and achieving the 'Insurance for all by 2047' goal.
- Event
- 17th Assocham Global Insurance Conclave
- Speaker
- Deepak Sood (Member, Non-Life, IRDAI)
- Date Mentioned
- Friday
- Positive Impact Observed
- Substantial interest and sales growth in life and health insurance post-GST exemption.
- IRDAI Goal
- Insurance for all by 2047