The Group of Ministers (GoM) is likely to recommend exempting Goods and Services Tax (GST) on term life insurance premiums and health insurance premiums paid by senior citizens. During a recent mee...
The benefits of term insurance for senior citizens include financial security, flexible payouts, and tax advantages to ensure peace of mind in retirement planning.
GST On Health Insurance Premium: The Group of Ministers (GoM) is expected to recommend exempting goods and services tax (GST) on term life insurance premiums and health insurance premiums paid by senior citizens. However, the Official's premiums paid for health insurance coverage of above Rs 5 lakh will continue to attract 18 per cent GST. This long-awaited GST exemption or reduction for life and health insurance has been a key demand from the industry, as it would ease the tax burden on both in...
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New Delhi: Term life insurance policies, and senior citizens' health insurance premium are likely to be exempted from GST as most members of a state ministerial panel favoured cutting taxes to benefit the common man, an official said on Saturday. The GoM to decide on GST on health and life insurance premiums in its meeting on Saturday decided to exempt GST on premiums paid by individuals, other than senior citizens, for health insurance with coverage of up to Rs 5 lakh. However, 18 per cent GST will continue to be levied for health insurance co ...
Currently, 18 per cent GST is levied on life insurance premiums paid for term policies and family floater policies.
Advantages of buying health insurance for senior citizens from TATA AIG are 1. Medical coverage to elderly people, 2. Pre-medical check-up, 3. Tax benefits. To read more about medical insurance pol...
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