GST Exemption on Insurance Boosts Affordability, Aids ‘Insurance for All’ Vision

Pankaj Gupta, MD & CEO, Pramerica Life Insurance

The GST exemption on individual protection and health insurance is a landmark step that will directly benefit consumers. By reducing costs for products such as term life and health insurance, this move makes essential protection more accessible to a wider section of society.

 It enables customers to either come under the insurance fold for the first time or enhance their coverage within the same budget — a meaningful advantage in a country where underinsurance remains a concern.

 On the investment side, unit-linked products are expected to deliver even better long-term efficiencies. These savings can be reinvested by policyholders, strengthening their financial security further, in a tax advantaged manner.

 This is undoubtedly a positive and progressive reform that supports deeper insurance penetration, improved consumer value, and the broader vision of Viksit Bharat as well as Insurance for All by 2047