
GST On Insurance
GST On Insurance
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.
*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 since 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 for 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 the 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.
Comp/doc/Jan/2018/0761
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