Ch. 10: GST On Life Insurance
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Key takeaways from this chapter
What is GST (Goods And Service Tax)?
Impact of GST on Life Insurance Premiums
Life Insurance GST Rates
Type Of Life Insurance Plan | GST Rate Applicable |
---|---|
Term Insurance Plan | 18% |
Term Return of Premium Plan | 4.5% for the 1st year. 2.25% from 2nd year onwards. |
Endowment Plan | 4.5% for the 1st year. 2.25% from 2nd year onwards. |
Money-Back Plan | 4.5% for the 1st year. 2.25% from 2nd year onwards. |
Whole Life Insurance Plan | 4.5% for the 1st year. 2.25% from 2nd year onwards. |
Child Life Plan | 4.5% for the 1st year. 2.25% from 2nd year onwards. |
Single Premium Annuity Plan | 1.8% |
General Annuity Plan | 4.5% for the 1st year. 2.25% from 2nd year onwards. |
Unit Linked Pension Accumulation Plan | 18% |
Non-Linked Pension Accumulation Plan | 4.5% for the 1st year. 2.25% from 2nd year onwards. |
Important Point To Note
Wrapping up!
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Disclaimer
ABSLI Salaried Term Plan (UIN:109N141V01) is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 2 (Life Cover with ROP) this product shall be a non-linked non-participating individual savings life insurance plan.
¹ LI Age 21, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: ₹ 1 Cr., PT: 10 years, Premium paying term: 10 years, Annual Premium: ₹ 5900/- ( which is ₹ 491.66/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.
ADV/12/22-23/2548