Govt decision of abolition of GST on health, life insurance premium hailed

Vijayawada: The Insurance Corporation Employees Union welcomed the decision taken by 56th GST Council meeting held on September 3 to abolish 18 percent GST on individual life insurance and health insurance policies.

Speaking at a press meet held here on Friday, Insurance Corporation Employees Union general secretary G Kishore Kumar said the struggle unleashed by the All India Insurance Employees Association (AIIEA) for the last one and a half decade demanding the abolition of GST on insurance premium has been successful.

The present decision of removal of GST on health and life insurance premium will ease the financial burden on the common man and make insurance accessible to the masses. The Insurance Corporation Employees Union is hopeful that this move will further the government’s proposed goal of providing insurance coverage to all by 2047.