Following the abolition of GST on health and life insurance premiums, there are signs of a pick-up in insurance policy sales. Segments like term and health insurance, in particular, have seen a significant increase since September 22nd. However, the life insurance industry's growth figures for September were slightly weak. Industry insiders say that customers had held back purchases in the first fifteen days of September, but sales have suddenly surged following the GST exemption. Previously, 18% GST was levied on health and life insurance premiums, which has now been eliminated.

According to data released by the insurance regulator, first-year premiums for individual regular premium policies saw a 5.7% decline. Anand Roy, MD and CEO of Star Health Insurance, stated that policy sales across all channels have seen a significant increase since the GST reduction. Ankur Kharbanda, Executive Director and Chief Business Officer of Niva Bupa Health Insurance, stated that health insurance sales have surged since the GST exemption on individual health insurance premiums. There has also been a significant increase in searches related to health insurance, which clearly indicates growing consumer interest.

GST exemption
Bandhan Life MD and CEO Satishwar B said that the recent GST exemption on term insurance has led to a surge in inquiries for term insurance. The GST exemption is proving to be very beneficial for people. This has made purchasing term insurance and health insurance even easier. The GST exemption has reduced premiums, making these policies accessible to more people.

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