How Much Will You Gain From GST Removal in Insurance?

How Much Will You Gain From GST Removal in Insurance?

The recent decision of the GST Council to remove Goods & Services Tax (GST) from individual life and health insurance premiums is a welcome move for policyholders. At present, you pay 18% GST over and above your base premium, which makes protection and savings products significantly more expensive.

With rising medical inflation and the skyrocketing costs of critical care such as heart, liver, and kidney transplants, this exemption is expected to bring some relief to families.

What This Means for You

  • No GST = Lower Premiums: From 22nd September, your premiums will no longer carry the additional 18% GST.
  • More Affordable Protection: This move will make it easier to afford health and life insurance policies.
  • Better Claim Settlement: Without GST, insurers may have more flexibility to improve claim settlement efficiency.
  • Boost in Savings: Especially in traditional insurance products like endowments and guaranteed return plans, your savings potential improves.

Rising Cost of Critical Care

According to recent studies, medical expenses for critical treatments have risen steeply:

  • Heart transplant: ₹50.8 lakh
  • Liver cirrhosis treatment: ₹34 lakh
  • Kidney transplant: ₹24.3 lakh
  • Other treatments: ₹18.2 lakh and rising

This shows how crucial it is to have health insurance as a financial cushion. Without coverage, such bills can wipe out years of savings.

What Should You Do?

  • If you are renewing your policy after 22nd September, you may get the benefit of lower premiums.
  • For those buying new policies, this is the best time to consider comprehensive coverage.
  • However, remember: the benefit depends on how insurers decide to reprice policies. Some may adjust margins, while others may pass full benefits to customers.

Final Thoughts

The removal of GST is a positive step towards making insurance more affordable in India. For families, this means lower costs, better savings, and improved access to essential protection against life’s uncertainties.

If you’re unsure how this change affects your existing or new policies, feel free to reach out—I can guide you in choosing the right plan for your family’s needs.

ЁЯСЙ Stay protected, stay stress-free. Insurance is not an expense—it’s your family’s safety net.

Comments

Post a Comment

Popular posts from this blog

My Government Schemes

Image
"Explore a comprehensive and convenient one-stop portal dedicated to showcasing a wide array of government schemes tailored specifically for you. This platform provides a wealth of information on various initiatives implemented by the Indian government, ensuring that you stay informed about the opportunities and benefits available to you. From social welfare programs to economic development initiatives, this portal offers an extensive range of schemes designed to address diverse needs and empower individuals across the country. Stay updated and make the most of these government schemes by accessing this user-friendly platform, where you can easily navigate through the detailed information and eligibility criteria. Discover how these schemes can positively impact your life and contribute to the growth and progress of our nation." Details роЙроЩ்роХро│ுроХ்роХாроХ рокிро░род்ропேроХрооாроХ ро╡роЯிро╡рооைроХ்роХрок்рокроЯ்роЯ рокро▓்ро╡ேро▒ு ро╡роХைропாрой роЕро░роЪாроЩ்роХ родிроЯ்роЯроЩ்роХро│ை роХாроЯ்роЪிрок்рокроЯுрод்род роЕро░்рок்рокрогிроХ்роХрок்рокроЯ்роЯ роТро░ு ро╡ிро░ிро╡ா...
Read more

Ayushman Bharat - 70 ро╡ропродிро▒்роХு рооேро▓் роЙро│்ро│ро╡ро░்роХро│ுроХ்роХு ₹5,00,000 роЗро▓ро╡роЪ рооро░ுрод்родுро╡роХ் роХாрок்рокீроЯு.

Image
рокொродுро╡ாроХ 60 ро╡ропродை родாрог்роЯி ро╡ிроЯ்роЯாро▓ே, роЗрой்роЪூро░рой்ро╕் роиிро▒ுро╡ройроЩ்роХро│் рооро░ுрод்родுро╡роХ் роХாрок்рокீроЯு ро╡ро┤роЩ்роХுро╡родро▒்роХு рооро▒ுрод்родுро╡ிроЯுро╡ாро░்роХро│் роЕро▓்ро▓родு роЕродро▒்роХ்роХாрой рокிро░ீрооிропроо் родொроХைропிройை рооிроХ роЕродிроХрооாроХ ро╡ைрод்родு ро╡ிроЯுро╡ாро░்роХро│். роЕрок்рокроЯி роЪெроп்роХைропிро▓், 60/70 ро╡ропродிро▒்роХு рооேро▒்рокроЯ்роЯро╡ро░்роХро│ுроХ்роХு рооро░ுрод்родுро╡роЪ் роЪெро▓ро╡ுроХро│் ро╡рои்родாро▓், роЕродு, роЕро╡ро░்роХро│родு/роЕро╡ро░்роХро│ுроЯைроп рокிро│்ро│ைроХро│ுроЯைроп роЪேрооிрок்рокிройை ро╡ெроХுро╡ாроХ роХро░ைрод்родுро╡ிроЯுроо் ро╡ро▓்ро▓рооை роХொрог்роЯродு. рооேро▒்роЪொрой்рой 70 ро╡ропродிро▒்роХு рооேро▒்рокроЯ்роЯро╡ро░்роХро│ுроХ்роХு, родро▒்рокோродு роТрой்ро▒ிроп роЕро░роЪு роЪாро░்рокிройிро▓், Ayushman Bharat рой் Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) родிроЯ்роЯрод்родிрой் роХீро┤், ₹5,00,000 роХ்роХாрой рооро░ுрод்родுро╡роХ் роХாрок்рокீроЯு роЗро▓ро╡роЪрооாроХ ро╡ро┤роЩ்роХрок் рокроЯுроХிро▒родு. роЗродிро▓் роЪேро░ுро╡родро▒்роХு 70 ро╡ропродு роЖроХிропிро░ுрои்родாро▓ே рокோродுрооாройродு. роЗродро▒்роХ்роХாроХ ро╡ேро▒ெрои்род eligibility criteria ро╡ுроо் роХிроЯைропாродு. роЙроЩ்роХро│родு ро╡ро░ுрооாройроо், social status, ро╡ேро▒ெрои்род роЕро░роЪிрой்/родройிропாро░ிрой் родிроЯ்роЯроЩ்роХро│் (private health insurance policies or Employees’ State Insurance scheme,) рооூро▓роо் рооро░ுрод்родுро╡роХ் роХாрок்рокீроЯு рокெро▒்ро▒ிро░ுрои்родாро▓ுроо், роЗродிро▓் роиீроЩ்роХро│் роЪேро░்рои்родு роХொро│்ро│ро▓ாроо். роЙроЩ்роХро│родு роХுроЯுроо்рокро▓் роПро▒்роХройро╡ே Ayushman Bharat родிроЯ்роЯрод்родிрой் роХீро┤் роХாрок்рокீроЯு рокெро▒்...
Read more