GST Reform: Insurance Becomes Affordable and Inclusive for Indian Families
The Indian government's GST exemption on health and life insurance aims to make financial protection affordable and accessible. This reform is expected to not only reduce costs but also increase awareness, encouraging more people to opt for insurance, thus advancing towards the goal of 'Insurance for All by 2047'.
- Country:
- India
The recent exemption of Goods and Services Tax (GST) on health and life insurance is set to make protective policies more affordable and approachable for Indian families. Amit Chhabra, Chief Business Officer at Policybazaar, emphasized the benefit of this reform, highlighting an 18 percent instant discount for customers.
Chhabra further emphasized the government's role in boosting awareness. He noted, "The government has endorsed health and life insurance as mandatory products, indicating every citizen should have them." This change aims to increase the number of people opting for such financial protections.
Balachander Sekhar, Co-founder & CEO of RenewBuy, described the removal of the 18 percent GST as a transformative move that enhances affordability and access to insurance. With this waiver, costs are cut for families, especially seniors, and insurance penetration is expected to rise, supporting India's movement towards 'Insurance for All by 2047'.
(With inputs from agencies.)
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