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Revised GST grid effective from 1st July 2017

 
 

An important change in the form of Goods and Services Tax Bill (GST) which unifies us as a nation, through a single taxation system has been implemented, from 1st July 2017.

Due to the enactment of the GST bill, the Service Tax on your premium will be replaced with GST.

Your insurance premium will be revised as per the below schedule:



Description
Current Service Tax Rate
GST Rate
Term/Health Plans
15%
18%
Unit Linked Insurance Plan (ULIP on charges levied)
15%
18%

Traditional /Endowment (1st Year)

3.75%
4.50%
Traditional /Endowment (Subsequent premiums)
1.875%
2.25%
Single Premium Plan 10% 18%
Single Premium Annuity Plan 1.45% 1.80%

 
 
 

 
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