Question and answers regarding GST on health policies 🔴GST Exemption on Insurance – What It Means for Your Multi-Year Policy ( 3 yrs / 5 yrs)
Dear Valued Clients, As you may know, from 22nd September 2025, the Government has announced 0% GST on individual life and health insurance premiums (earlier 18%). We’ve received some queries from clients who have already paid for 2–3 years in advance. Here are the clarifications:
❓ Q1: I already paid a 3-year premium including GST. Will I get a refund of GST?
➡ No. GST already collected on your advance premium cannot be refunded, as taxes are payable at the time of transaction.
❓ Q2: Will my current policy change in any way?
➡ No. Your policy terms, coverage, and benefits will remain exactly the same.
❓ Q3: When will I benefit from the GST exemption?
➡ The 0% GST benefit will apply from your next renewal date after 22nd September 2025. Example: If your 3-year policy ends in 2027, then at renewal you will pay only the base premium (without GST).
❓ Q4: What does this mean for me long-term?
➡ From your next renewal onwards, you will save nearly 18% on premium cost, making your policy much more affordable.
✅ In summary: GST already paid cannot be reversed, but all future renewals after Sept 2025 will be GST-free.
jaganinfo
Question and answers regarding GST on health policies
🔴GST Exemption on Insurance – What It Means for Your Multi-Year Policy ( 3 yrs / 5 yrs)
Dear Valued Clients,
As you may know, from 22nd September 2025, the Government has announced 0% GST on individual life and health insurance premiums (earlier 18%).
We’ve received some queries from clients who have already paid for 2–3 years in advance. Here are the clarifications:
❓ Q1: I already paid a 3-year premium including GST. Will I get a refund of GST?
➡ No. GST already collected on your advance premium cannot be refunded, as taxes are payable at the time of transaction.
❓ Q2: Will my current policy change in any way?
➡ No. Your policy terms, coverage, and benefits will remain exactly the same.
❓ Q3: When will I benefit from the GST exemption?
➡ The 0% GST benefit will apply from your next renewal date after 22nd September 2025.
Example: If your 3-year policy ends in 2027, then at renewal you will pay only the base premium (without GST).
❓ Q4: What does this mean for me long-term?
➡ From your next renewal onwards, you will save nearly 18% on premium cost, making your policy much more affordable.
✅ In summary: GST already paid cannot be reversed, but all future renewals after Sept 2025 will be GST-free.
3 weeks ago | [YT] | 1