Goods and Services Tax Rates

Government has introduced Goods and Services Tax (GST) on the 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%


Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details.

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