GST Exemption On Life And Health Insurance: What It Means For Policyholders And Insurers

In this special edition of Business Today Television, Sakshi Batra is joined by Dr Tapan Singhel, MD & CEO of Bajaj Allianz General Insurance and Chairman of the General Insurance Council, to decode the landmark decision by the GST Council to exempt life and health insurance policies from Goods and Services Tax. This policy shift is set to make insurance more affordable, with premiums expected to drop by nearly 18 percent, and has far-reaching implications for both customers and the insurance industry. Dr Singhel explains how this move could boost healthcare accessibility in India, the role of medical inflation in shaping costs, and why hospitals must also pass on benefits to ensure lasting affordability. He also sheds light on the impact on reinsurance, industry margins, and why insurance should be viewed as a social security instrument rather than a luxury. Tune in for expert insights on how this reform will reshape India’s insurance landscape.