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 Plans||GST Rate||Old Rates (Service Tax)|
(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)
|Term Plans |
(e.g. Amulya Jeevan 2 (823) and Anmol Jeevan 2 (822))
|Health Insurance Plans||18%||15%|
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.
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.