The good news is that from September 22 you will no longer pay GST on health and life insurance premiums. But the bad news is that insurers will lose the right to claim input tax credit (ITC) on GST they pay for expenses such as commissions, brokerages, rent and software.
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When Finance Minister Nirmala Sitharaman announced in the 56th GST Council meeting that GST on individual health and life insurance premiums would be reduced from 18 per cent to 0 per cent from September 22, 2025, policyholders were understandably relieved. But experts say the benefit you finally see may depend on whether these premiums are classified as nil-rated or exempt, two terms that sound similar but have very different cost implications.
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From 22 September, individual life and health insurance policies — including term, ULIPs, and family floaters will move to a Nil GST bracket, lowering costs for millions of households and boosting India’s push toward insurance for all by 2047
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