An important change in the form of Goods and Service Tax Bill (GST) which unifies us as a nation, through a single taxation system will be 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/General insurance||15%||18%|
|Unit Linked Insurance Plan (ULIP Plans 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%|