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 Service Tax & Cess
(up to June 30, 2017)
GST
(July 1, 2017 onwards)
Term Policy Premium payable 15% 18%
Unit Linked Insurance Policy All applicable charges 15% 18%
Riders Premium Payable i.e. Accidental Death Benefit Rider 15% 18%
Health Insurance Policy Premium Payable 15% 18%
Endowment Policy First Premium 3.75% 4.50%
Endowment Policy Premium Payable i.e. Regular Premium 1.88% 2.25%
Single Premium Annuity Policy Premium Payable 1.50% 1.80%

 

Answers to commonly asked questions on GST

 

The applicable rate on each product has been listed below:
# Product code Product Name Service tax^ GST
(Proposed)
1 E15 ICICI Pru Anmol Bachat -RP 1.88% 2.25%
2 E10 ICICI Pru Cash Advantage 1.88% 2.25%
3 U96 ICICI Pru Easy Retirement 15.00% 18.00%
4 U97 ICICI Pru Easy Retirement -SP 15.00% 18.00%
5 ED1 ICICI Pru EDLI (Employee Deposit Linked Insurance plan) 15.00% 18.00%
6 2 ICICI Pru Endowment Superannuation 15.00% 18.00%
7 T41 ICICI Pru iCare II RP Option II 15.00% 18.00%
8 T38 ICICI Pru iCare II RP Option I 15.00% 18.00%
9 T39 ICICI Pru iCare II RP Option I 15.00% 18.00%
10 U85 ICICI Pru Elite Life 15.00% 18.00%
11 U86 ICICI Pru Elite Life 15.00% 18.00%
12 U87 ICICI Pru Elite Wealth 15.00% 18.00%
13 U88 ICICI Pru Elite Wealth 15.00% 18.00%
14 T33 ICICI Pru Home Protect 15.00% 18.00%
15 E06 ICICI Pru iAssure Single Premium 1.88% 2.25%
16 T31 ICICI Pru iCare Regular Premium 15.00% 18.00%
17 T32 ICICI Pru iCare Regular Premium 15.00% 18.00%
18 T29 ICICI Pru iCare Single Premium 15.00% 18.00%
19 T30 ICICI Pru iCare Single Premium 15.00% 18.00%
20 U89 ICICI Pru Invest Easy 15.00% 18.00%
21 U92 ICICI Pru Pinnacle Super 15.00% 18.00%
22 U93 ICICI Pru Pinnacle Super 15.00% 18.00%
23 E11 ICICI Pru Saving Suraksha 1.88% 2.25%
24 E12 ICICI Pru Saving Suraksha 1.88% 2.25%
25 U94 ICICI Pru Shubh Retirement 15.00% 18.00%
26 U95 ICICI Pru Shubh Retirement SP 15.00% 18.00%
27 UA8 ICICI Pru Smart Life RP 15.00% 18.00%
28 UA9 ICICI Pru Smart Life SP 15.00% 18.00%
29 U75 ICICI Pru Ace 15.00% 18.00%
30 E19 ICICI Pru Anmol Bachat 15.00% 2.25%
31 E20 ICICI Pru Anmol Bachat- SP* 3.75% 4.50%
32 U57 ICICI Pru Anmol Nivesh 15.00% 18.00%
33 S51 ICICI Pru Assure Invest 1.88% 2.25%
34 S52 ICICI Pru Assure Invest 1.88% 2.25%
35 S53 ICICI Pru Assure Invest 1.88% 2.25%
36 S71 ICICI Pru Assure Invest 1.88% 2.25%
37 S72 ICICI Pru Assure Invest 1.88% 2.25%
38 S73 ICICI Pru Assure Invest 1.88% 2.25%
39 SX1 ICICI Pru Assure Invest 1.88% 2.25%
40 SX2 ICICI Pru Assure Invest 1.88% 2.25%
41 SX3 ICICI Pru Assure Invest 1.88% 2.25%
42 U60 ICICI Pru Assure Life 15.00% 18.00%
43 U70 ICICI Pru Assure Pension 15.00% 18.00%
44 U72 ICICI Pru Assure Wealth 15.00% 18.00%
45 U73 ICICI Pru Assure Wealth 15.00% 18.00%
46 T11 ICICI Pru Cancer Care 15.00% 18.00%
47 T15 ICICI Pru Cancer Care Plus 15.00% 18.00%
48 A01 ICICI Pru Cash Back 1.88% 2.25%
49 A02 ICICI Pru Cash Back 1.88% 2.25%
50 U12 ICICI Pru CashPlus & CashPlus New 15.00% 18.00%
51 T16 ICICI Pru Crisis Cover 15.00% 18.00%
52 C02 ICICI Pru Credit Assure - Auto Loan - 2 wheeler 15.00% 18.00%
53 C01 ICICI Pru Credit Assure - Auto Loan - 4 wheeler 15.00% 18.00%
54 C05 ICICI Pru Credit Assure - Commercial Vehicle 15.00% 18.00%
55 C06 ICICI Pru Credit Assure - Education Loan 15.00% 18.00%
56 C07 ICICI Pru Credit Assure - Education Loan 15.00% 18.00%
57 C04 ICICI Pru Credit Assure - Personal Loan 15.00% 18.00%
58 C03 ICICI Pru Credit Assure - Small Ticket Personal Loan 15.00% 18.00%
59 T18 ICICI Pru Diabetes Assure 15.00% 18.00%
60 T14 ICICI Pru Diabetes Care 15.00% 18.00%
61 T17 ICICI Pru Diabetes Care Active 15.00% 18.00%
62 T13 ICICI Pru Diabetes Care Plus 15.00% 18.00%
63 T04 ICICI Pru Easy Life 15.00% 18.00%
64 U62 ICICI Pru Elite Pension 15.00% 18.00%
65 U65 ICICI Pru Elite Pension II 15.00% 18.00%
66 D02 ICICI Pru Forever Life RP 1.88% 2.25%
67 D04 ICICI Pru Forever Life RP 1.88% 2.25%
68 D03 ICICI Pru Forever Life SP* 3.75% 4.50%
69 E21 ICICI Pru Future Perfect 1.88% 2.25%
70 E03 ICICI Pru Future Secure 1.88% 2.25%
71 U35 ICICI Pru Golden Years 15.00% 18.00%
72 U36 ICICI Pru Golden Years 15.00% 18.00%
73 GL1, GL2 ICICI Pru Group Loan Secure 15.00% 18.00%
74 GT4 ICICI Pru Group Term Plus 15.00% 18.00%
75 GT5/ED5 ICICI Pru Group Term Plus 15.00% 18.00%
76 E05 ICICI Pru Guaranteed Savings Insurance Plan 1.88% 2.25%
77 T10 ICICI Pru Health Assure 15.00% 18.00%
78 T09 ICICI Pru Health Assure Plus 1.88% 2.25%
79 U56 ICICI Pru Health Saver 15.00% 18.00%
80 HSSS ICICI Pru Health Saver 15.00% 18.00%
81 T48 ICICI Pru Heart/Cancer Protect 15.00% 18.00%
82 T49 ICICI Pru Heart/Cancer Protect 15.00% 18.00%
83 M01 ICICI Pru Home Assure 15.00% 18.00%
84 M02 ICICI Pru Home Assure 15.00% 18.00%
85 M03 ICICI Pru Home Assure 15.00% 18.00%
86 T12 ICICI Pru Hospital Care 15.00% 18.00%
87 T22 ICICI Pru Hospital Care II 15.00% 18.00%
88 I01 ICICI Pru Immediate Annuity 1.50% 1.80%
89 I02 ICICI Pru Immediate Annuity 1.50% 1.80%
90 I04 ICICI Pru Immediate Annuity 1.50% 1.80%
91 I05 ICICI Pru Immediate Annuity 1.50% 1.80%
92 U28 ICICI Pru InvestShield Cash 15.00% 18.00%
93 U47 ICICI Pru InvestShield Cashback 15.00% 18.00%
94 U34 ICICI Pru InvestShield Gold 15.00% 18.00%
95 U29 ICICI Pru InvestShield Life 15.00% 18.00%
96 U46 ICICI Pru InvestShield Life New 15.00% 18.00%
97 U30 ICICI Pru InvestShield Pension 15.00% 18.00%
98 T24 ICICI Pru iProtect 15.00% 18.00%
99 T25 ICICI Pru iProtect 15.00% 18.00%
100 T26 ICICI Pru iProtect 15.00% 18.00%
101 T27 ICICI Pru iProtect 15.00% 18.00%
102 T01 ICICI Pru LifeGuard 1.88% 2.25%
103 T02 ICICI Pru LifeGuard SP 15.00% 18.00%
104 T03 ICICI Pru LifeGuard WROP 15.00% 18.00%
105 UL2 ICICI Pru LifeLink - 105% Death Benefit 15.00% 18.00%
106 UL7 ICICI Pru LifeLink - 105/500% Death Benefit 15.00% 18.00%
107 U20 ICICI Pru LifeLink II 105 & 500% Death Benefit 15.00% 18.00%
108 UL5 ICICI Pru LifeLink Pension 15.00% 18.00%
109 UL9 ICICI Pru LifeLink Pension 15.00% 18.00%
110 U22 ICICI Pru LifeLink Pension II 15.00% 18.00%
111 U81 ICICI Pru LifeLink Pension SP 15.00% 18.00%
112 U37 ICICI Pru LifeLink Super 15.00% 18.00%
113 U44 ICICI Pru LifeLink Super Pension 15.00% 18.00%
114 U76 ICICI Pru LifeLink Wealth SP 15.00% 18.00%
115 U54 ICICI Pru LifeStage Assure 15.00% 18.00%
116 U59 ICICI Pru LifeStage Assure Pension 15.00% 18.00%
117 U49 ICICI Pru LifeStage Pension 15.00% 18.00%
118 U66 ICICI Pru LifeStage Pension Advantage 15.00% 18.00%
119 U48 ICICI Pru LifeStage RP 15.00% 18.00%
120 U74 ICICI Pru LifeStage Wealth 15.00% 18.00%
121 U80 ICICI Pru LifeStage Wealth II 15.00% 18.00%
122 UL1 ICICI Pru LifeTime 15.00% 18.00%
123 UL6 ICICI Pru LifeTime 15.00% 18.00%
124 U06 ICICI Pru LifeTime 15.00% 18.00%
125 U53 ICICI Pru LifeTime Gold 15.00% 18.00%
126 U19 ICICI Pru LifeTime II 15.00% 18.00%
127 U64 ICICI Pru LifeTime Maxima 15.00% 18.00%
128 UL4 ICICI Pru LifeTime Pension 15.00% 18.00%
129 UL8 ICICI Pru LifeTime Pension 15.00% 18.00%
130 U08 ICICI Pru LifeTime Pension 15.00% 18.00%
131 U10 ICICI Pru LifeTime Pension 15.00% 18.00%
132 U21 ICICI Pru LifeTime Pension II 15.00% 18.00%
133 U67 ICICI Pru LifeTime Pension Maxima 15.00% 18.00%
134 U38 ICICI Pru LifeTime Plus 15.00% 18.00%
135 U78 ICICI Pru LifeTime Premier 15.00% 18.00%
136 U79 ICICI Pru LifeTime Premier 15.00% 18.00%
137 U39 ICICI Pru LifeTime Super 15.00% 18.00%
138 U40 ICICI Pru LifeTime Super Pension 15.00% 18.00%
139 T19 ICICI Pru MediAssure 15.00% 18.00%
140 U63 ICICI Pru Pinnacle 15.00% 18.00%
141 U77 ICICI Pru Pinnacle II 15.00% 18.00%
142 U83 ICICI Pru Pinnacle Super 15.00% 18.00%
143 U84 ICICI Pru Pinnacle Super 15.00% 18.00%
144 U26 ICICI Pru Premier Life 15.00% 18.00%
145 U27 ICICI Pru Premier Life 15.00% 18.00%
146 U42 ICICI Pru Premier Life Gold 15.00% 18.00%
147 U43 ICICI Pru Premier Life Gold 15.00% 18.00%
148 U51 ICICI Pru Premier Life Pension 15.00% 18.00%
149 U52 ICICI Pru Premier Life Pension 15.00% 18.00%
150 U71 ICICI Pru Premier Wealth 15.00% 18.00%
151 T20 ICICI Pru Pure Protect 15.00% 18.00%
152 T21 ICICI Pru Pure Protect 15.00% 18.00%
153 V51 ICICI Pru ReAssure 1.88% 2.25%
154 V52 ICICI Pru ReAssure 1.88% 2.25%
155 V71 ICICI Pru ReAssure 1.88% 2.25%
156 V72 ICICI Pru ReAssure 1.88% 2.25%
157 MT2 ICICI Pru Sarv Jana Suraksha 15.00% 18.00%
158 MT1 ICICI Pru Sarvjan Suraksha 15.00% 18.00%
159 E01 ICICI Pru Save and Protect 1.88% 2.25%
160 E00 ICICI Pru Save and Protect Mass 1.88% 2.25%
161 E02 ICICI Pru Save and Protect Rural 1.88% 2.25%
162 S03 ICICI Pru Save n Protect SP * 3.75% 4.50%
163 U11 ICICI Pru Secure Plus 15.00% 18.00%
164 U16 ICICI Pru Secure Plus 15.00% 18.00%
165 U18 ICICI Pru Secure Plus Pension 15.00% 18.00%
166 U13 ICICI Pru SecurePlus Pension 15.00% 18.00%
167 U58 ICICI Pru SecureSave 15.00% 18.00%
168 S01 ICICI Pru Single Premium Bond 1.88% 2.25%
169 S02 ICICI Pru Single Premium Bond 1.88% 2.25%
170 U69 ICICI Pru SmartKid Assure 15.00% 18.00%
171 U68 ICICI Pru SmartKid Maxima 15.00% 18.00%
172 U41 ICICI Pru SmartKid New ULRP II 15.00% 18.00%
173 U45 ICICI Pru SmartKid New ULSP 15.00% 18.00%
174 U82 ICICI Pru SmartKid Premier 15.00% 18.00%
175 A03 ICICI Pru SmartKid RP 1.88% 2.25%
176 U14 ICICI Pru SmartKid ULRP 15.00% 18.00%
177 U23 ICICI Pru SmartKid ULRP II 15.00% 18.00%
178 U15 ICICI Pru SmartKid ULSP 15.00% 18.00%
179 U24 ICICI Pru SmartKid ULSP II 15.00% 18.00%
180 T06 ICICI Pru Suraksha RP 15.00% 18.00%
181 T07 ICICI Pru Suraksha SP 15.00% 18.00%
182 T08 ICICI Pru Surakshakavach 15.00% 18.00%
183 ADBT ICICI Pru Unit Linked Accidental Death Rider 15.00% 18.00%
184 U55 ICICI Pru Wealth Advantage 15.00% 18.00%
185 U91 ICICI Pru Wealth Builder 15.00% 18.00%
186 E04 ICICI Pru Whole Life 1.88% 2.25%
187 T47 ICICIPru iProtect Smart Regular and Limited Premium 15.00% 18.00%
188 T46 ICICIPru iProtect Smart Single Premium 15.00% 18.00%
189 T43 ICICIPru Life Raksha 15.00% 18.00%
190 T44 ICICIPru Loan Protect Plus 15.00% 18.00%
191 T45 ICICIPru Loan Protect Plus 15.00% 18.00%
192 T23 ICICIPru Fullerton Group Term 15.00% 18.00%
193 T28 ICICIPru Fullerton Group Term 2 15.00% 18.00%
194 GS1 ICICIPru Group Superannuation 1 15.00% 18.00%
195 GS2 ICICIPru Group Superannuation 2 15.00% 18.00%
196 G01 ICICIPru Group Term Rural 15.00% 18.00%
197 E18 IPRU Assured Savings Investment Plan 1.88% 2.25%
198 UA2 IPRU Elite Life II 15.00% 18.00%
199 UA1 IPRU Elite Life II - SP 15.00% 18.00%
200 UA4 IPRU Elite Wealth II 15.00% 18.00%
201 UA3 IPRU Elite Wealth II - SP 15.00% 18.00%
202 U98 IPRU Guaranteed Wealth Protector RP 15.00% 18.00%
203 U99 IPRU Guaranteed Wealth Protector SP 15.00% 18.00%
204 T37 IPRU Loan Protect 15.00% 18.00%
205 UA6 IPRU Wealth Builder II 15.00% 18.00%
206 UA5 IPRU Wealth Builder II- SP 15.00% 18.00%
207 3 Leave encashment 15.00% 18.00%
208 LEIS Lave Encashment 15.00% 18.00%
209 T36 Loan Protect 15.00% 18.00%
210 T35 Loan Protect- FP-Mortgage 15.00% 18.00%
211 T34 Loan Protect- SP-Mortgage 15.00% 18.00%

^Includes Swacch Bharat Cess and Krishi Kalyan Cess

*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 substantially reduce costs 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 is applicable from July 1, 2017. 
Yes, except insurance plans like the Pradhan Mantri Jeevan Jyoti Bhima 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 is due for payment on or after July 1, 2017, then GST will be applicable on your premium. In case you pay the premium in advance, the balance amount due if any, on account of GST will have to be paid after the GST implementation date.
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