- Nitin Gadkari urged Nirmala Sitharaman to remove 18% GST on life and medical insurance premiums
- Levying tax on insurance premiums is like taxing uncertainties of life
- Union believes people should not be taxed on insurance premiums for covering risks
- 18% GST on medical insurance premiums is hindering growth of this segment
- Gadkari also raised issues of differential treatment to savings through life insurance and reintroduction of IT deduction for health insurance premium
- Paying GST on life and medical insurance premiums is challenging for senior citizens
- Confederation of General Insurance Agents’ Associations of India also appealed to reduce GST on individual health policies from 18% to 5%
- Policy renewal rates are decreasing due to frequent hikes in premium rates and rising medical inflation
Source: businesstoday.in
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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