Life Insurance to get Cheaper for Indians as GoM nods Rate cuts, GST Council Approval last hurdle

The GST Council has approved a rate reduction for life insurance premiums in India, which is expected to make insurance products more affordable for consumers. The Goods and Services Tax (GST) rate on life insurance is likely to be cut, which could lower the cost of premiums and benefit policyholders. The approval comes after a recommendation by the Group of Ministers (GoM) on rate cuts, with the final hurdle being the GST Council’s approval. This move is anticipated to boost the insurance sector by making life insurance products more accessible to a larger segment of the population, encouraging greater participation in insurance schemes.