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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 : 25-10-2017 21:56:45

Why GST on LIC Policies ? I have new 815 Jeevan Anand Policy. 4.5% on First year. It will burden on common people like us !!!

Replied : 26-10-2017 00:23:48

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Wrote : 23-10-2017 12:14:12

what will be GSt amount for Jeevan Anand policy (Old)

Replied : 23-10-2017 19:30:06
GST will not be applicable for old jeevan anand premium.

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Wrote : 17-10-2017 18:27:43

It is injustice that LI C is levying 18% GST on Health insurance plans. I wont renew the plan aftet March since the Kerala Govt plans to start a new health insurance to Govt employees.

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Wrote : 16-10-2017 10:48:59

my policy is lic money back policy since 2011 , So please confirm the gst rate ....

Replied : 16-10-2017 20:26:41
There was no separate service tax in the policies which were issued before 2014, so GST will not be applicable in your case.

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Wrote : 24-09-2017 14:44:09

What will be GST for LIC Jeevan Labh, annual premium paid for 1st year was Rs 41963 for Base policy and 42963 as total installment premium.

Replied : 25-09-2017 11:02:21
GST rate will be 2.25% on premium.

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Wrote : 20-09-2017 18:30:37

LIC plan Jeevan Akshay for Rs. 7.5lac what will be GST amount

Replied : 20-09-2017 19:39:07
GST rate will be 1.8% in case jeevan akashay VI.

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Wrote : 10-09-2017 13:46:06

Sir My policy is jeevan labh (836) 15-21 plan. I have monthly installment. Premium is 2366 monthly. GST apply what is my new monthly premium ? Please help me

Replied : 10-09-2017 22:31:53
You can simply add 4.5% for first policy year and 2.25% for subsequent years, for example, of you have already paid 12 monthly premiums then rate will be 2.25%.

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Wrote : 22-08-2017 19:23:39

sir, plz tell me I have new endowment plan taken in Aug. 2014. the above mentioned taxes shows addition on 2.25 % taxes. previously it was 1.875(service tax) from second year onwards. Will the difference between the two taxes is applicable on premium or 2.25 % will be an addition on the premium.

Replied : 22-08-2017 20:03:23
It will 2.25% on your premium.

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Wrote : 22-08-2017 12:22:33

my premium amount is 3260/ how many rupies diposit in GST amount

Replied : 22-08-2017 12:41:17
What is your plan name or table number and when(year) was it purchased?

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Wrote : 19-08-2017 15:45:17

my policy new jevan anand my premium 13312 how many GST chargeable

Replied : 19-08-2017 17:16:02
The GST rate will be 4.5% for first year premium and 2.25% for second year onward premium.

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Wrote : 17-08-2017 15:26:48

Sir/Madam, My half yearly premium Rs. 6065/- how much amount add after GST is Rs. 6065/-

Replied : 17-08-2017 19:00:23
Which type policy you having, please tell table no or plan name. If you plan is 165 or jeevan saral, then GST will not be applicale.

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Wrote : 17-08-2017 07:49:48

In my term policy premium was Rs. 5475 but this year it's Rs.6461. May I know why GST is Rs.986?

Replied : 17-08-2017 09:17:11
GST rate on term plan is 18% which was 15% before GST and why it is 18%, only government can answer.

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Wrote : 15-08-2017 12:22:59

i have Jeevan Saral Policy i am pay Quarterly premium 1531 how much amount Add GST

Replied : 16-08-2017 22:08:18
GST is not applicable on jeevan Saral (Table 165).

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Wrote : 15-08-2017 08:05:11

Sir either GST is applicable on new policies which were opened on or after 01-july-2017 or on old policies also ?

Replied : 17-08-2017 09:27:44
GST is applicable on policies which are issued after 2013, though it was services tax earlier, but now it is GST.

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Wrote : 06-08-2017 02:52:51

What is GST applicable for one time premium if 6.00 lakhs in jeevan akshay

Replied : 06-08-2017 16:43:22
GST rate will be 1.8%.

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Wrote : 02-08-2017 00:28:16

let me know GST on table no 834 ,Jeevan Tarun, paying 2nd half yearly premium

Replied : 02-08-2017 01:47:54
Applicable GST rate will be 4.5%.

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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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