Why Lower GST on Health and Life Insurance Could Be a Game-Changer in 2025
Looking for the best health insurance plan for family while weighing the benefits of home insurance policy ? You’re not alone! We all juggle multiple protection needs and GST at 18% on both health and life insurance premiums makes that juggle tougher. Whether you're investing in family health cover, term life plans, or protecting your home sweet home, that extra 18% can sting. But holding on to 2025 could bring a game-changing twist! Current Scenario Best health insurance plan for family India carry a standard 18% GST across individual, family floater, term life, and critical illness policies. For instance, a ₹20k premium jumps to ₹23.6k, and ₹10k to ₹11.8k. That GST sting packs a punch especially for first-timers, families, and seniors. Reform on the Table Big changes may arrive before year-end! The GST Council (supported by IRDAI and a GoM) is weighing options that slash or waive GST on key products: 0% GST on term life insurance and senior citizens’ health coverage GST ...