Insurance Companies Asked to Step Up Outreach After GST Exemption on Life and Health Policies

Following the GST Council's decision to exempt GST on all individual life and health insurance policies, the Department of Financial Services (DFS) has urged insurance companies to proactively launch outreach campaigns to inform policyholders about the reduced costs. The exemption is expected to make insurance products more affordable and accessible, especially in rural and semi-urban areas. The DFS emphasizes the importance of insurers passing on the benefits of the reforms directly to policyholders through transparent communication and targeted campaigns.