GoM Proposes GST Exemption on Life and Health Insurance Premiums for Senior Citizens

The Group of Ministers (GoM) has proposed GST exemptions on life and health insurance premiums for senior citizens. This recommendation aims to provide financial relief to senior citizens by reducing their insurance costs. The proposal includes exempting GST on premiums paid for life and health insurance policies by individuals aged 60 and above. This initiative is part of the government’s broader efforts to support the elderly population and ensure their financial well-being. The GoM’s recommendation is expected to be reviewed and approved by the GST Council in the upcoming meeting. If implemented, this exemption will make insurance more affordable for senior citizens, encouraging them to secure their health and financial future.