GST Council may exempt term life insurance from tax, relief unlikely for investment-linked plans: Report

The GST Council is considering exempting term life insurance from tax relief, although it is unlikely to extend the same to investment-linked insurance plans. This potential exemption could make term life insurance products more attractive by reducing their cost for consumers. However, the decision does not cover investment-linked plans, which may continue to be subject to GST. The proposed changes highlight ongoing discussions about the taxation of insurance products and their impact on both consumers and the insurance industry.