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'No immediate premium increase despite GST exemption on insurance': Niva Bupa
On Wednesday, the Centre announced several reforms in the GST system. The four existing slabs—5%, 12%, 18% and 28%—have been reduced to just two: 5% and 18%, effective September 22
The GST on health and life insurance products, which was 18%, has been reduced to zero.
Niva Bupa Health Insurance said there will be no immediate increase in premiums as the Centre has exempted health and life insurance premiums from the recent changes in the Goods and Services Tax (GST) slabs.
In an interview with CNBC TV18, Ankur Kharbanda, Executive Director at Niva Bupa, said, “The customer will get these benefits. It is an 18% reduction, almost one-fifth of the premium that customers were paying earlier.”
Kharbanda added that the company will not immediately revise premiums for customers. He said he would first assess the Centre’s order before passing on the benefits.
On Wednesday, the Centre announced several reforms in the GST system. The four existing slabs—5%, 12%, 18% and 28%—have been reduced to just two: 5% and 18%, effective September 22. Additionally, a new 40% tax slab has been introduced for luxury items.
The GST on health and life insurance products, which was 18%, has been reduced to zero. In a media briefing yesterday, Finance Minister Nirmala Sitharaman said: “This was much debated last year. In Parliament, Opposition members questioned, ‘You want to tax insurance premiums?’ After a detailed study and consultations with stakeholders, we have taken this step so that families, as well as individuals who buy insurance, get relief. Of course, we will ensure that companies pass on this benefit to policyholders.”
The Centre’s move will lower insurance premiums. In FY24, the Centre collected Rs 16,398 crore in GST on health and life insurance—Rs 8,135 crore from life insurance and Rs 8,263 crore from health insurance.
Additionally, the Centre has cut GST on medical-related devices such as thermometers, medical-grade oxygen, diagnostic kits, reagents, glucometers, test strips, and corrective spectacles to 5%.
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