GST Benefits
Industry's turn to make insurance affordable, IRDAI chairman tells CEOs of companies
This story was originally published at 20:42 IST on 17 September 2025
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MUMBAI – With the Goods & Services Tax Council exempting individual life and health insurance from GST, it is the industry's turn to step up and significantly improve affordability, accessibility, and availability of insurance products suitable for different segments of the population and economic entities, Ajay Seth, chairperson of the Insurance Regulatory and Development Authority of India, told chief executive officers of insurance companies and appointed actuaries at a meeting Wednesday.
In a release late Wednesday, IRDAI said the deliberations focused on strengthening policyholder protection and ensuring orderly growth of the industry. The meeting also covered the steps required to expand insurance penetration beyond urban centres and to reach out to the rural population and the unorganised sector.
"Attention was drawn towards expanding the coverage of government-sponsored insurance schemes for vulnerable sections, taking measures to improve service quality, including claims settlement in timely and efficient manner, and making grievance redressal mechanism robust and more responsive," according to the release.
The need to strengthen and establish service standards for market conduct, compliance, risk management, and internal audit functions, and to create a standing forum at the Life Insurance Council to examine court awards and derive learnings, helping to establish uniform standards in solicitation, underwriting, policy servicing and claims practices, was also discussed at the meeting. End
Reported by Kabir Sharma
Edited by Rajeev Pai
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