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 benefits may be available as per prevailing tax laws. Tax benefits under the policy are subject to prevailing conditions and provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per applicable rates. The tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details

People like you also read ...

Back to Top