Prices Increasing Soon
Industry professionals are advocating for removing the 18% GST on term insurance premiums, arguing that it would make insurance more affordable and encourage wider adoption. The tax burden on life insurance has long been criticized, with stakeholders pushing for its elimination to ease costs for policyholders.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
By clicking on "View plans" you agree to our Privacy Policy and Terms of use
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
Sandeep Pareek, Partner at BDO India, pointed out that removing GST would only benefit consumers if the top life insurance companies are allowed full input tax credit without any reversal due to the exemption. This move could lead to lower premiums, making term insurance more accessible to a broader population.
Term Plans
Currently, the 18% GST increases the cost of life insurance, discouraging many individuals from securing this essential protection. Siddharth Maurya, Managing Director of Vibhavangal Anukulakara Private Limited, noted that high taxation on these policies acts as a deterrent, especially for first-time buyers. With term insurance still in its early stages of widespread use in India, reducing or removing GST could significantly increase its adoption.
Overall, experts agree that eliminating GST would not only lighten customers' financial burden but also promote the growth of term insurance, a vital tool for safeguarding families’ financial futures.
Secure Your Family Future Today
₹1 CRORE
Term Plan Starting @
Get an online discount of upto 15%#
Compare 40+ plans from 15 Insurers
Eliminating or reducing the 18% GST on term insurance premiums presents a significant opportunity to make insurance more affordable and accessible for a wider section of society. As experts highlight, this change could alleviate the financial burden on consumers while encouraging more individuals to opt for term insurance—a critical safeguard for families. By making policies more cost-effective and promoting widespread adoption, removing GST could play a crucial role in enhancing financial protection for countless households across India. Ultimately, such a move would be a step toward building a more secure and insured future.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
© Copyright 2008-2025 policybazaar.com. All Rights Reserved
+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Term insurance is one of the most essential products in
Read more
In Madhya Pradesh, the loss of a primary earner can place
Read more
ICICI Prudential Life Insurance Income Replacement Plan is a
Read more
In Himachal Pradesh, where families often rely on agriculture
Read more
The ICICI Prudential Life Insurance Income Replacement Plan is a
Read moreInsurance
Calculators
Payment Methods
Secured With
Follow us on
