Listen to this article
Nitin Gadkari, the Minister of Road Transport and Highway has recently requested Nirmala Sitharaman, the Minister of Finance to do away with GST on the premium of life insurance and health insurance.
This happened after the employee union of Life Insurance Corporation (LIC) Nagpur approached Gadkari highlighting the issue.
In a letter, Gadkari said, “The union feels that the person who covers the risk of life’s uncertainties to give some protection to the family should not be levied tax on the premium to purchase cover against this risk. Similarly, 18% GST on medical insurance premium is proving to be a deterrent for the growth of this segment of business which is socially necessary. Therefore, they have urged withdrawal of GST.”
“You are requested to consider the suggestion of withdrawal of GST on life and medical insurance premium on priority,” Gadkari added.
