18% GST on insurance a barrier,negatively impacts Indians’ affordability: HDFC ERGO’s Parthanil Ghosh

The GST on mediclaim policies, set at 18%, is considered a barrier to insurance affordability in India. Critics argue that this high rate makes health insurance less accessible to the average consumer, potentially impacting coverage rates and overall health outcomes. The insurance industry is advocating for a reduction in GST rates to improve affordability and encourage more widespread adoption of health insurance.