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GST Rates on Life Insurance Premium

Following table provides details of GST rates which are applicable on insurance premium in case of various of type of insurance plans. These GST Rates are applicable with effect from 01 July 2017.

Types of PlansGST RateOld Rates (Service Tax)
Endowment Plans
(e.g. New Jeevan Anand (815), Jeevan Labh (836) etc)
4.5% on First Year Premium
2.25% on second year onward Premium
3.75% on First Year Premium
1.875% on second year onward Premium
Single Premium Annuity/Pension Plans
(e.g. Jeevan Akshay VI (189)
1.8%1.5%
Term Plans
(e.g. Amulya Jeevan 2 (823) and Anmol Jeevan 2 (822))
18%15%
Health Insurance Plans18%15%
Ulip Plans18%15%
Comments & Reviews

Wrote : 22-07-2017 15:55:16

Is there any GST OR PROCESSING FEES on PLAN 842?

Replied : 22-07-2017 16:21:20
This plan is exempted from GST.

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Wrote : 13-07-2017 16:30:56

my lic plan no-165 , 14 please after gst how premium deposit, plz reply

Replied : 13-07-2017 20:24:17
GST will not apply on Plan 165 and Plan 14.

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Wrote : 12-07-2017 16:26:40

i have lic policy new endowment 814 with annual premium 7718/- purchased on 28.01.2014 what will be the GST impact

Replied : 12-07-2017 16:33:13
Yes, GST rate will be 2.25%.

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Wrote : 12-07-2017 15:04:28

Plan no 815, purchased in 2014, annual premium, what will b gst rates, how much will b the total premium including gst, if basic premium is Rs. 16035

Replied : 12-07-2017 15:13:09
Your premium will be Second year onward premiums, so GST rate is 2.25%.

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Wrote : 11-07-2017 11:49:23

I have plan 165 Jeevan Saral ATM plan . Half yearly premium is 6065 .after GST it affects on my premium. It will be increased or its remain same.please let me know.

Replied : 11-07-2017 14:57:53
There was no separate service tax on policy issued in 2013 and earlier, so GST will not be applicable on jeevan saral as was not issued after 2013.

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Wrote : 09-07-2017 19:28:49

I AM INFORMING MY CLIENT ABOUT GST AS PER YOUR MAIL DETAIL....

Replied : 09-07-2017 23:34:22
Please note, this not official website of LIC and information published in this site on the basis of personal understanding. However, the GST on policy (New Endowment-814) on question will be 4.5% for First Year Premium and 2.25% on second year onward premium.

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Wrote : 08-07-2017 23:40:27

I have plan 149 Jeevan Anand . yearly premium.after GST affect my premium will be increased or its a same.please let me know.

Replied : 09-07-2017 08:44:46
GST will not be applicable on 149.

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Wrote : 06-07-2017 12:18:40

what will be GST charges of p.no.9921xxxx

Replied : 06-07-2017 12:27:18
Your plan is 814 purchased in 2014, so prevailing GST rate will be 2.25%.

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Wrote : 05-07-2017 18:15:09

let me know GST charge of policy no. 5 , 165, 133, 184

Replied : 06-07-2017 11:03:56
LIC policies issued before in 2013 and earlier are not required to pay GST. Service tax on LIC policies was introduced in 2014.

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