GST: Learn about Goods and Services Tax

As you may be aware, the Goods and Services Tax (GST) has replaced all indirect taxes like Service Tax and Cess from July 1, 2017. The introduction of the GST by the Government of India is a significant step in implementing a uniform indirect taxation system in India.
 

Details of GST rates that will be applicable are mentioned below:

Product Type Applicable on GST
(July 1, 2017 onwards)
Term Policy Premium payable 18%
Unit Linked Insurance Policy All applicable charges 18%
Riders Premium Payable i.e. Accidental Death Benefit Rider 18%
Health Insurance Policy Premium Payable 18%
Endowment Policy First Premium 4.50%
Endowment Policy Premium Payable i.e. Regular Premium 2.25%
Single Premium Annuity Policy Premium Payable 1.80%
 

Answers to commonly asked questions on GST

 
The applicable rate on each product has been listed below:
# Product code Product Name GST
1 E15 ICICI Pru Anmol Bachat -RP 0%
2 E10 ICICI Pru Cash Advantage 2.25%
3 U96 ICICI Pru Easy Retirement 18.00%
4 U97 ICICI Pru Easy Retirement -SP 18.00%
5 ED1 ICICI Pru EDLI (Employee Deposit Linked Insurance plan) 18.00%
6 2 ICICI Pru Endowment Superannuation 18.00%
7 T41 ICICI Pru iCare II RP Option II 18.00%
8 T38 ICICI Pru iCare II RP Option I 18.00%
9 T39 ICICI Pru iCare II RP Option I 18.00%
10 U85 ICICI Pru Elite Life 18.00%
11 U86 ICICI Pru Elite Life 18.00%
12 U87 ICICI Pru Elite Wealth 18.00%
13 U88 ICICI Pru Elite Wealth 18.00%
14 T33 ICICI Pru Home Protect 18.00%
15 E06 ICICI Pru iAssure Single Premium 2.25%
16 T31 ICICI Pru iCare Regular Premium 18.00%
17 T32 ICICI Pru iCare Regular Premium 18.00%
18 T29 ICICI Pru iCare Single Premium 18.00%
19 T30 ICICI Pru iCare Single Premium 18.00%
20 U89 ICICI Pru Invest Easy 18.00%
21 U92 ICICI Pru Pinnacle Super 18.00%
22 U93 ICICI Pru Pinnacle Super 18.00%
23 E11 ICICI Pru Saving Suraksha 2.25%
24 E12 ICICI Pru Saving Suraksha 2.25%
25 U94 ICICI Pru Shubh Retirement 18.00%
26 U95 ICICI Pru Shubh Retirement SP 18.00%
27 UA8 ICICI Pru Smart Life RP 18.00%
28 UA9 ICICI Pru Smart Life SP 18.00%
29 U75 ICICI Pru Ace 18.00%
30 E19 ICICI Pru Anmol Bachat 0%
31 E20 ICICI Pru Anmol Bachat- SP* 0%
32 U57 ICICI Pru Anmol Nivesh 18.00%
33 S51 ICICI Pru Assure Invest 2.25%
34 S52 ICICI Pru Assure Invest 2.25%
35 S53 ICICI Pru Assure Invest 2.25%
36 S71 ICICI Pru Assure Invest 2.25%
37 S72 ICICI Pru Assure Invest 2.25%
38 S73 ICICI Pru Assure Invest 2.25%
39 SX1 ICICI Pru Assure Invest 2.25%
40 SX2 ICICI Pru Assure Invest 2.25%
41 SX3 ICICI Pru Assure Invest 2.25%
42 U60 ICICI Pru Assure Life 18.00%
43 U70 ICICI Pru Assure Pension 18.00%
44 U72 ICICI Pru Assure Wealth 18.00%
45 U73 ICICI Pru Assure Wealth 18.00%
46 T11 ICICI Pru Cancer Care 18.00%
47 T15 ICICI Pru Cancer Care Plus 18.00%
48 A01 ICICI Pru Cash Back 2.25%
49 A02 ICICI Pru Cash Back 2.25%
50 U12 ICICI Pru CashPlus & CashPlus New 18.00%
51 T16 ICICI Pru Crisis Cover 18.00%
52 C02 ICICI Pru Credit Assure - Auto Loan - 2 wheeler 18.00%
53 C01 ICICI Pru Credit Assure - Auto Loan - 4 wheeler 18.00%
54 C05 ICICI Pru Credit Assure - Commercial Vehicle 18.00%
55 C06 ICICI Pru Credit Assure - Education Loan 18.00%
56 C07 ICICI Pru Credit Assure - Education Loan 18.00%
57 C04 ICICI Pru Credit Assure - Personal Loan 18.00%
58 C03 ICICI Pru Credit Assure - Small Ticket Personal Loan 18.00%
59 T18 ICICI Pru Diabetes Assure 18.00%
60 T14 ICICI Pru Diabetes Care 18.00%
61 T17 ICICI Pru Diabetes Care Active 18.00%
62 T13 ICICI Pru Diabetes Care Plus 18.00%
63 T04 ICICI Pru Easy Life 18.00%
64 U62 ICICI Pru Elite Pension 18.00%
65 U65 ICICI Pru Elite Pension II 18.00%
66 D02 ICICI Pru Forever Life RP 2.25%
67 D04 ICICI Pru Forever Life RP 2.25%
68 D03 ICICI Pru Forever Life SP* 4.50%
69 E21 ICICI Pru Future Perfect 2.25%
70 E03 ICICI Pru Future Secure 2.25%
71 U35 ICICI Pru Golden Years 18.00%
72 U36 ICICI Pru Golden Years 18.00%
73 GL1, GL2 ICICI Pru Group Loan Secure 18.00%
74 GT4 ICICI Pru Group Term Plus 18.00%
75 GT5/ED5 ICICI Pru Group Term Plus 18.00%
76 E05 ICICI Pru Guaranteed Savings Insurance Plan 2.25%
77 T10 ICICI Pru Health Assure 18.00%
78 T09 ICICI Pru Health Assure Plus 18.00%
79 U56 ICICI Pru Health Saver 18.00%
80 HSSS ICICI Pru Health Saver 18.00%
81 T48 ICICI Pru Heart/Cancer Protect 18.00%
82 T49 ICICI Pru Heart/Cancer Protect 18.00%
83 M01 ICICI Pru Home Assure 18.00%
84 M02 ICICI Pru Home Assure 18.00%
85 M03 ICICI Pru Home Assure 18.00%
86 T12 ICICI Pru Hospital Care 18.00%
87 T22 ICICI Pru Hospital Care II 18.00%
88 I01 ICICI Pru Immediate Annuity 1.80%
89 I02 ICICI Pru Immediate Annuity 1.80%
90 I04 ICICI Pru Immediate Annuity 1.80%
91 I05 ICICI Pru Immediate Annuity 1.80%
92 U28 ICICI Pru InvestShield Cash 18.00%
93 U47 ICICI Pru InvestShield Cashback 18.00%
94 U34 ICICI Pru InvestShield Gold 18.00%
95 U29 ICICI Pru InvestShield Life 18.00%
96 U46 ICICI Pru InvestShield Life New 18.00%
97 U30 ICICI Pru InvestShield Pension 18.00%
98 T24 ICICI Pru iProtect 18.00%
99 T25 ICICI Pru iProtect 18.00%
100 T26 ICICI Pru iProtect 18.00%
101 T27 ICICI Pru iProtect 18.00%
102 T01 ICICI Pru LifeGuard 2.25%
103 T02 ICICI Pru LifeGuard SP 18.00%
104 T03 ICICI Pru LifeGuard WROP 18.00%
105 UL2 ICICI Pru LifeLink - 105% Death Benefit 18.00%
106 UL7 ICICI Pru LifeLink - 105/500% Death Benefit 18.00%
107 U20 ICICI Pru LifeLink II 105 & 500% Death Benefit 18.00%
108 UL5 ICICI Pru LifeLink Pension 18.00%
109 UL9 ICICI Pru LifeLink Pension 18.00%
110 U22 ICICI Pru LifeLink Pension II 18.00%
111 U81 ICICI Pru LifeLink Pension SP 18.00%
112 U37 ICICI Pru LifeLink Super 18.00%
113 U44 ICICI Pru LifeLink Super Pension 18.00%
114 U76 ICICI Pru LifeLink Wealth SP 18.00%
115 U54 ICICI Pru LifeStage Assure 18.00%
116 U59 ICICI Pru LifeStage Assure Pension 18.00%
117 U49 ICICI Pru LifeStage Pension 18.00%
118 U66 ICICI Pru LifeStage Pension Advantage 18.00%
119 U48 ICICI Pru LifeStage RP 18.00%
120 U74 ICICI Pru LifeStage Wealth 18.00%
121 U80 ICICI Pru LifeStage Wealth II 18.00%
122 UL1 ICICI Pru LifeTime 18.00%
123 UL6 ICICI Pru LifeTime 18.00%
124 U06 ICICI Pru LifeTime 18.00%
125 U53 ICICI Pru LifeTime Gold 18.00%
126 U19 ICICI Pru LifeTime II 18.00%
127 U64 ICICI Pru LifeTime Maxima 18.00%
128 UL4 ICICI Pru LifeTime Pension 18.00%
129 UL8 ICICI Pru LifeTime Pension 18.00%
130 U08 ICICI Pru LifeTime Pension 18.00%
131 U10 ICICI Pru LifeTime Pension 18.00%
132 U21 ICICI Pru LifeTime Pension II 18.00%
133 U67 ICICI Pru LifeTime Pension Maxima 18.00%
134 U38 ICICI Pru LifeTime Plus 18.00%
135 U78 ICICI Pru LifeTime Premier 18.00%
136 U79 ICICI Pru LifeTime Premier 18.00%
137 U39 ICICI Pru LifeTime Super 18.00%
138 U40 ICICI Pru LifeTime Super Pension 18.00%
139 T19 ICICI Pru MediAssure 18.00%
140 U63 ICICI Pru Pinnacle 18.00%
141 U77 ICICI Pru Pinnacle II 18.00%
142 U83 ICICI Pru Pinnacle Super 18.00%
143 U84 ICICI Pru Pinnacle Super 18.00%
144 U26 ICICI Pru Premier Life 18.00%
145 U27 ICICI Pru Premier Life 18.00%
146 U42 ICICI Pru Premier Life Gold 18.00%
147 U43 ICICI Pru Premier Life Gold 18.00%
148 U51 ICICI Pru Premier Life Pension 18.00%
149 U52 ICICI Pru Premier Life Pension 18.00%
150 U71 ICICI Pru Premier Wealth 18.00%
151 T20 ICICI Pru Pure Protect 18.00%
152 T21 ICICI Pru Pure Protect 18.00%
153 V51 ICICI Pru ReAssure 2.25%
154 V52 ICICI Pru ReAssure 2.25%
155 V71 ICICI Pru ReAssure 2.25%
156 V72 ICICI Pru ReAssure 2.25%
157 MT2 ICICI Pru Sarv Jana Suraksha 0%
158 MT1 ICICI Pru Sarvjan Suraksha 18.00%
159 E01 ICICI Pru Save and Protect 2.25%
160 E00 ICICI Pru Save and Protect Mass 2.25%
161 E02 ICICI Pru Save and Protect Rural 2.25%
162 S03 ICICI Pru Save n Protect SP * 4.50%
163 U11 ICICI Pru Secure Plus 18.00%
164 U16 ICICI Pru Secure Plus 18.00%
165 U18 ICICI Pru Secure Plus Pension 18.00%
166 U13 ICICI Pru SecurePlus Pension 18.00%
167 U58 ICICI Pru SecureSave 18.00%
168 S01 ICICI Pru Single Premium Bond 2.25%
169 S02 ICICI Pru Single Premium Bond 2.25%
170 U69 ICICI Pru SmartKid Assure 18.00%
171 U68 ICICI Pru SmartKid Maxima 18.00%
172 U41 ICICI Pru SmartKid New ULRP II 18.00%
173 U45 ICICI Pru SmartKid New ULSP 18.00%
174 U82 ICICI Pru SmartKid Premier 18.00%
175 A03 ICICI Pru SmartKid RP 2.25%
176 U14 ICICI Pru SmartKid ULRP 18.00%
177 U23 ICICI Pru SmartKid ULRP II 18.00%
178 U15 ICICI Pru SmartKid ULSP 18.00%
179 U24 ICICI Pru SmartKid ULSP II 18.00%
180 T06 ICICI Pru Suraksha RP 18.00%
181 T07 ICICI Pru Suraksha SP 18.00%
182 T08 ICICI Pru Surakshakavach 18.00%
183 ADBT ICICI Pru Unit Linked Accidental Death Rider 18.00%
184 U55 ICICI Pru Wealth Advantage 18.00%
185 U91 ICICI Pru Wealth Builder 18.00%
186 E04 ICICI Pru Whole Life 2.25%
187 T47 ICICIPru iProtect Smart Regular and Limited Premium 18.00%
188 T46 ICICIPru iProtect Smart Single Premium 18.00%
189 T43 ICICIPru Life Raksha 18.00%
190 T44 ICICIPru Loan Protect Plus 18.00%
191 T45 ICICIPru Loan Protect Plus 18.00%
192 T23 ICICIPru Fullerton Group Term 18.00%
193 T28 ICICIPru Fullerton Group Term 2 18.00%
194 GS1 ICICIPru Group Superannuation 1 18.00%
195 GS2 ICICIPru Group Superannuation 2 18.00%
196 G01 ICICIPru Group Term Rural 18.00%
197 E18 IPRU Assured Savings Investment Plan 2.25%
198 UA2 IPRU Elite Life II 18.00%
199 UA1 IPRU Elite Life II - SP 18.00%
200 UA4 IPRU Elite Wealth II 18.00%
201 UA3 IPRU Elite Wealth II - SP 18.00%
202 U98 IPRU Guaranteed Wealth Protector RP 18.00%
203 U99 IPRU Guaranteed Wealth Protector SP 18.00%
204 T37 IPRU Loan Protect 18.00%
205 UA6 IPRU Wealth Builder II 18.00%
206 UA5 IPRU Wealth Builder II- SP 18.00%
207 3 Leave encashment 18.00%
208 LEIS Lave Encashment 18.00%
209 T36 Loan Protect 18.00%
210 T35 Loan Protect- FP-Mortgage 18.00%
211 T34 Loan Protect- SP-Mortgage 18.00%

Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.

*Rate as applicable for Single premium - Endowment products

 

The Goods and Services Tax (GST) is an integrated tax, merging most of the existing indirect taxes such as Service Tax, VAT etc into a single system of taxation. GST works on the concept of “One Nation One Tax”. This is one of the biggest tax reforms in India since Independence and has been implemented from July 1, 2017.
Implementation of GST is expected to reduce costs substantially, especially in the manufacturing sector, the benefits of which could cascade into other sectors in the long run. It is also anticipated to bring in more transparency, automation and simplification in tax compliance.
GST has been brought into effect from July 1, 2017. 
Yes, except insurance plans like the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) in which the indirect tax exemption is expected to be continued.
No, GST is applicable for all goods and services except those which are specifically exempted.
GST is an indirect tax which replaces the current service tax & cess on premiums. 
Yes. The details of GST paid by you on premiums would be disclosed separately on the premium receipts given to you.
If you are paying the premium for a policy for which premium is overdue or due for payment till June 30, 2017, then GST will not be applicable to you.
If your policy premium was due for payment on or after July 1, 2017, then GST will be applicable on your premium. In case you paid the premium in advance, the balance amount due if any, on account of GST will have to be paid after the GST implementation date.
^ Tax benefits under the policy are subject to conditions and provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
Comp/doc/Jan/2018/0761

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