ICICI Prulife- Service Tax

Service Tax rates including Krishi Kalyan Cess

Government has introduced Krishi Kalyan Cess (KKC) of 0.5% in addition to Service Tax and Swacch Bharat Cess (SBC) on taxable value of services, effective from June 1, 2016.

Revised rates with SBC and KKC to be charged and collected from policyholders are as follows:

Category	Service tax with SBC and KKC
Term insurance premium	15%
ULIP charges	15%
Health insurance premium	15%
Rider Premium	15%
Annuity: Single Premium	1.5%
Endowment: First year premium	3.75%
Endowment: Renewal premium	1.875%

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Goods and Services Tax rates

Government has introduced Goods and Services Tax (GST) on taxable value of services, effective from July 1, 2017.

GST to be charged and collected from policyholders are as follows:

Category	GST
Term insurance premium	18%
ULIP charges	18%
Health insurance premium	18%
Rider Premium	18%
Annuity: Single Premium	1.8%
Endowment: First year premium	4.50%
Endowment: Renewal premium	2.25%

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Goods and Services Tax rates