Banking secy tells insurers, IRDAI to ensure consumers get GST cut benefits
This story was originally published at 20:35 IST on 15 September 2025
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NEW DELHI – Banking Secretary M. Nagaraju asked heads of insurance companies and senior officials from the Insurance Regulatory and Development Authority of India to ensure that consumers get the benefits of the cut in Goods and Services Tax rate on life and health insurance premium for individuals. Nagaraju chaired a meeting with chairmen and managing directors of public sector insurance companies and chief executive officers of leading private sector life and non-life insurance companies in New Delhi on Monday, the finance ministry said.
"During the meeting, the Secretary emphasised the importance of ensuring that the benefits of the tax reduction are fully passed on to both existing and prospective policyholders," the ministry said in a release. The GST Council approved to slash to nil the 18% GST on life and health insurance premium paid by individuals. The new GST rate will be effective Sept. 22.
"The secretary further directed insurance companies to proactively undertake outreach campaigns to publicize the reforms and highlight their prospective positive impact in making insurance more affordable and accessible for the common man," the release said. Senior officials from the finance ministry's Department of Financial Services and officials from the Life Insurance Council and General Insurance Council also participated in the meeting. End
Reported by Krity Ambey
Edited by Ashish Shirke
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