{"id":293,"date":"2020-05-30T09:22:22","date_gmt":"2020-05-30T03:52:22","guid":{"rendered":""},"modified":"2026-09-03T16:46:40","modified_gmt":"2026-09-03T16:46:40","slug":"gst-rates-applicable-on-insurance-policies","status":"publish","type":"post","link":"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/","title":{"rendered":"GST rates applicable on Insurance policies"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_86 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#How_does_GST_apply_to_the_LIC_life_insurance_policy\" >How does GST apply to the LIC life insurance policy?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#Nowadays_everyone_is_familiar_with_the_definition_of_insurance_And_people_take_insurance_for_the_safety_of_tomorrow_and_for_the_safety_of_their_lives_So_that_they_do_not_have_to_face_any_trouble_in_the_coming_time_especially_after_retirement_Many_types_of_insurance_are_also_done_in_insurance_on_which_there_is_GST_is_payable_Let_us_know_those_types_of_insurance_with_tax_benefits\" >Nowadays everyone is familiar with the definition of insurance. And people take insurance for the safety of tomorrow and for the safety of their lives. So, that they do not have to face any trouble in the coming time; especially after retirement. Many types of insurance are also done in insurance, on which there is GST is payable. Let us know those types of insurance with tax benefits.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#Thus_going_with_the_best_life_insurance_plan_to_protect_your_future_keeps_you_from_paying_a_little_bit_of_your_regular_savings_to_meet_sudden_urgent_needs_during_your_emergency_So_to_choose_a_suitable_insurance_plan_you_have_to_know_the_insurance_plans_of_LIC_And_have_to_know_the_GST_taxes_applicable_to_LIC_insurance_premiums_Learn_about_all_insurance_plans_with_legal_salaah\" >Thus, going with the best life insurance plan to protect your future keeps you from paying a little bit of your regular savings to meet sudden urgent needs during your emergency. So to choose a suitable insurance plan, you have to know the insurance plans of LIC. And have to know the GST taxes applicable to LIC insurance premiums. Learn about all insurance plans with legal salaah.&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#1_Health_insurance_policy\" >1. Health insurance policy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#2_Life_insurance_policy\" >2. Life insurance policy<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#What_is_required_for_a_life_insurance_policy\" >What is required for a life insurance policy?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#Currently_a_LIC_Life_Covered_Government_Managed_Investment_Fund_has_its_advantages_In_breaking_current_adverse_conditions_and_health_conditions_no_one_can_say_a_word_Subsequently_social_security_benefits_have_become_essential_for_everyone_today_especially_in_times_of_crisis_In_case_there_is_a_certain_danger_or_certain_disease_situation_the_LIC_life_insurance_regime_ensures_the_welfare_of_the_families_of_the_affected_people\" >Currently, a LIC Life Covered Government Managed Investment Fund has its advantages. In breaking current adverse conditions and health conditions, no one can say a word. Subsequently, social security benefits have become essential for everyone today, especially in times of crisis. In case, there is a certain danger or certain disease situation, the LIC life insurance regime ensures the welfare of the families of the affected people.<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#What_is_the_applicable_GST_to_the_life_insurance_business\" >What is the applicable GST to the life insurance business?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#As_per_GST_law_GST_applies_to_all_insurance_services_except_only_those_services_which_are_involved_in_the_self-insurance_business_In_that_case_GST_is_applied_to_the_recipient_based_on_RCM_Life_insurance_companies_must_compulsorily_register_GST_and_it_is_assumed_that_GST_will_be_levied_on_general_insurance_as_well_as_insurance_services_Further_as_per_Section_24_vii_of_the_CGST_Act_2017_all_insurance_agents_should_have_GST_registration_The_GST_rate_of_18_applies_to_the_commission_earned_by_the_insurance_agent\" >As per GST law, GST applies to all insurance services, except only those services which are involved in the self-insurance business. In that case, GST is applied to the recipient based on RCM. Life insurance companies must compulsorily register GST and it is assumed that GST will be levied on general insurance as well as insurance services. Further, as per Section 24 (vii) of the CGST Act 2017, all insurance agents should have GST registration. The GST rate of 18% applies to the commission earned by the insurance agent.<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#What_is_the_applicable_GST_on_health_insurance\" >What is the applicable GST on health insurance?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#GST_on_health_insurance\" >GST on health insurance<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#The_premium_for_health_insurance_is_currently_18_percent_GST_Tax_benefits_can_be_claimed_on_payment_made_for_health_insurance_policy_under_section_80D\" >The premium for health insurance is currently 18 percent GST. Tax benefits can be claimed on payment made for health insurance policy under section 80D.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#For_example_suppose_you_have_got_health_insurance_of_Rs_10_lakh_from_Bajaj_Allianz_General_Insurance_Company_at_the_age_of_30_years_For_this_you_have_to_pay_a_basic_premium_of_Rs_7843_and_GST_of_Rs_1412_18_percent_GST_on_basic_premium_In_this_way_you_will_have_to_pay_a_total_of_Rs_9255_as_a_premium_In_this_case_you_can_claim_tax_benefit_on_the_total_amount_paid_ie_Rs_9255_instead_of_the_premium_amount_of_Rs_7843_However_the_condition_is_that_this_amount_is_within_the_scope_of_the_investment_limit_under_the_relevant_section\" >For example, suppose you have got health insurance of Rs 10 lakh from Bajaj Allianz General Insurance Company at the age of 30 years. For this, you have to pay a basic premium of Rs 7,843 and GST of Rs 1,412 (18 percent GST on basic premium). In this way, you will have to pay a total of Rs 9,255 as a premium. In this case you can claim tax benefit on the total amount paid i.e. Rs 9,255 instead of the premium amount of Rs 7,843. However, the condition is that this amount is within the scope of the investment limit under the relevant section.<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#Tax_benefits_on_GST_paid_on_Life_Insurance\" >Tax benefits on GST paid on Life Insurance<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#Like_health_insurance_the_tax_benefit_can_be_claimed_on_GST_paid_on_the_premium_of_life_insurance_That_is_the_tax_benefit_can_be_claimed_under_section_80C_on_the_amount_of_premium_as_well_as_GST_on_it\" >Like health insurance, the tax benefit can be claimed on GST paid on the premium of life insurance. That is, the tax benefit can be claimed under section 80C on the amount of premium as well as GST on it.<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#What_is_the_GST_applicable_to_insurance_premiums\" >What is the GST applicable to insurance premiums?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#GST_on_insurance_premium\" >GST on insurance premium<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#GST_on_insurance_premium_ranges_from_25_percent_to_18_percent_That_is_you_have_to_spend_a_significant_additional_amount_in_the_form_of_GST_while_depositing_the_premium_According_to_experts_the_tax_benefit_can_be_claimed_on_any_charge_on_this_GST_or_on_premium\" >GST on insurance premium ranges from 2.5 percent to 18 percent. That is, you have to spend a significant additional amount in the form of GST while depositing the premium. According to experts, the tax benefit can be claimed on any charge on this GST or on premium.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#The_rate_of_GST_on_insurance_premiums_varies_and_depends_on_the_nature_of_the_insurance_For_example_the_basic_premium_for_health_insurance_is_18_percent_GST_It_can_be_claimed_as_a_tax_benefit_under_80D_Similarly_term_insurance_and_ULIPs_also_attract_18_percent_GST_However_traditional_schemes_such_as_endowment_policies_money-back_policies_whole_life_policies_and_pension_products_attract_a_GST_of_45_percent_on_first-year_insurance_premiums_From_the_second_year_onwards_the_rate_of_GST_on_premiums_decreases_to_225_percent\" >The rate of GST on insurance premiums varies and depends on the nature of the insurance. For example, the basic premium for health insurance is 18 percent GST. It can be claimed as a tax benefit under 80D. Similarly, term insurance and ULIPs also attract 18 percent GST. However, traditional schemes such as endowment policies, money-back policies, whole life policies, and pension products attract a GST of 4.5 percent on first-year insurance premiums. From the second year onwards, the rate of GST on premiums decreases to 2.25 percent.<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#How_does_GST_apply_to_interest_on_the_deferred_premium\" >How does GST apply to interest on the deferred premium?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#If_you_have_delayed_the_payment_of_premium_then_naturally_any_late_fee_will_be_charged_GST_will_be_levied_on_the_interest_charged_on_late_fees_In_this_case_there_is_no_fixed_GST_rate_The_rate_of_GST_on_interest_charged_on_late_fees_depends_on_the_type_of_premium_paid\" >If you have delayed the payment of premium, then naturally any late fee will be charged. GST will be levied on the interest charged on late fees. In this case, there is no fixed GST rate. The rate of GST on interest charged on late fees depends on the type of premium paid.<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#How_does_GST_apply_to_capital_dividend_account_fees\" >How does GST apply to capital dividend account fees?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#A_capital_dividend_account_is_a_type_of_account_that_a_company_opens_to_its_shareholders_Regular_payment_of_dividends_is_made_to_all_shareholders_towards_their_CAPITAL_DIVIDEND_Account_Therefore_companies_also_provide_insurance_for_the_Capital_Dividend_Account_Here_on_the_capital_dividends_account_insurance_premium_GST_will_be_applicable_at_18_The_capital_dividend_account_fee_also_includes_postage_charges_Obviously_GST_registration_with_a_company_providing_capital_dividend_account_insurance_will_be_mandatory\" >A capital dividend account is a type of account that a company opens to its shareholders. Regular payment of dividends is made to all shareholders towards their CAPITAL DIVIDEND Account. Therefore, companies also provide insurance for the Capital Dividend Account. Here, on the capital dividend&#8217;s account insurance premium, GST will be applicable at 18%. The capital dividend account fee also includes postage charges. Obviously, GST registration with a company providing capital dividend account insurance will be mandatory.<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#What_should_a_person_do_if_GST_is_not_mentioned_on_the_premium_receipt\" >What should a person do if GST is not mentioned on the premium receipt?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#Most_companies_do_not_mention_GST_on_premium_receipts_Only_the_premium_amount_is_mentioned_on_the_receipt_In_such_a_situation_the_taxpayer_should_preserve_the_document_related_to_the_premium_payment_This_document_can_be_used_as_proof_of_premium_amount_and_GST_Based_on_this_document_the_taxpayer_can_claim_tax_benefits_on_GST_in_addition_to_premiums_Obviously_he_should_save_the_document_related_to_the_insurance_payment\" >Most companies do not mention GST on premium receipts. Only the premium amount is mentioned on the receipt. In such a situation, the taxpayer should preserve the document related to the premium payment. This document can be used as proof of premium amount and GST. Based on this document, the taxpayer can claim tax benefits on GST in addition to premiums. Obviously, he should save the document related to the insurance payment.<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#How_long_was_GST_collected_from_insurance_policyholders\" >How long was GST collected from insurance policyholders?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#The_GST_paid_by_the_policyholders_on_LIC_insurance_premium_should_be_recovered_in_some_cases_Cases_of_refund_of_GST_given_on_insurance_premium_are_as_follows_%E2%80%93\" >The GST paid by the policyholders on LIC insurance premium should be recovered in some cases. Cases of refund of GST given on insurance premium are as follows: &#8211;<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#1_GST_on_certain_charges_paid_by_policyholders_like_Change_fee_or_any_quote_fee\" >1. GST on certain charges paid by policyholders like Change fee or any quote fee.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#2_Any_fake_insurance_premium\" >2. Any fake insurance premium<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#3_GST_was_levied_on_the_charges_levied_in_the_case_of_giving_written_acknowledgment_for_receipt_of_notice_of_assignment\" >3. GST was levied on the charges levied in the case of giving written acknowledgment for receipt of notice of assignment.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#4_Other_than_the_GST_at_the_time_of_cancellation_of_LIC_life_insurance_policy\" >4. Other than the GST at the time of cancellation of LIC life insurance policy.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-32\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#5_GST_applies_if_there_has_some_change_in_nomination_in_other_words_names_of_the_insured\" >5. GST applies if there has some change in nomination in other words&#8217; names of the insured.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-33\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#However_on_all_the_above_cases_the_rate_of_GST_will_depend_on_the_type_of_LIC_life_insurance_policy_The_insurer_is_obliged_to_make_registration_with_GST_compulsory_despite_conducting_business_in_the_previous_financial_year_under_any_circumstances\" >However, on all the above cases, the rate of GST will depend on the type of LIC life insurance policy. The insurer is obliged to make registration with GST compulsory despite conducting business in the previous financial year under any circumstances.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-34\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/#So_these_are_the_ground_rules_of_GST_applicable_to_LIC_life_insurance_services_and_tax_benefits_of_GST_paid_on_insurance_policies_Now_you_can_choose_the_right_LIC_life_insurance_policy_cleverly\" >So, these are the ground rules of GST applicable to LIC life insurance services and tax benefits of GST paid on insurance policies. Now you can choose the right LIC life insurance policy cleverly.<\/a><\/li><\/ul><\/nav><\/div>\n<h5><span class=\"ez-toc-section\" id=\"How_does_GST_apply_to_the_LIC_life_insurance_policy\"><\/span><b>How does GST apply to the LIC life insurance policy?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><b><br \/><\/b><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"Nowadays_everyone_is_familiar_with_the_definition_of_insurance_And_people_take_insurance_for_the_safety_of_tomorrow_and_for_the_safety_of_their_lives_So_that_they_do_not_have_to_face_any_trouble_in_the_coming_time_especially_after_retirement_Many_types_of_insurance_are_also_done_in_insurance_on_which_there_is_GST_is_payable_Let_us_know_those_types_of_insurance_with_tax_benefits\"><\/span>Nowadays everyone is familiar with the definition of insurance. And people take insurance for the safety of tomorrow and for the safety of their lives. So, that they do not have to face any trouble in the coming time; especially after retirement. Many types of insurance are also done in insurance, on which there is GST is payable. Let us know those types of insurance with tax benefits.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"Thus_going_with_the_best_life_insurance_plan_to_protect_your_future_keeps_you_from_paying_a_little_bit_of_your_regular_savings_to_meet_sudden_urgent_needs_during_your_emergency_So_to_choose_a_suitable_insurance_plan_you_have_to_know_the_insurance_plans_of_LIC_And_have_to_know_the_GST_taxes_applicable_to_LIC_insurance_premiums_Learn_about_all_insurance_plans_with_legal_salaah\"><\/span>Thus, going with the best life insurance plan to protect your future keeps you from paying a little bit of your regular savings to meet sudden urgent needs during your emergency. So to choose a suitable insurance plan, you have to know the insurance plans of LIC. And have to know the GST taxes applicable to LIC insurance premiums. Learn about all insurance plans with legal salaah.&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"1_Health_insurance_policy\"><\/span>1. Health insurance policy<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><\/h4>\n<h6><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"2_Life_insurance_policy\"><\/span>2. Life insurance policy<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h5><span class=\"ez-toc-section\" id=\"What_is_required_for_a_life_insurance_policy\"><\/span><b>What is required for a life insurance policy?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><b><br \/><\/b><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"Currently_a_LIC_Life_Covered_Government_Managed_Investment_Fund_has_its_advantages_In_breaking_current_adverse_conditions_and_health_conditions_no_one_can_say_a_word_Subsequently_social_security_benefits_have_become_essential_for_everyone_today_especially_in_times_of_crisis_In_case_there_is_a_certain_danger_or_certain_disease_situation_the_LIC_life_insurance_regime_ensures_the_welfare_of_the_families_of_the_affected_people\"><\/span>Currently, a LIC Life Covered Government Managed Investment Fund has its advantages. In breaking current adverse conditions and health conditions, no one can say a word. Subsequently, social security benefits have become essential for everyone today, especially in times of crisis. In case, there is a certain danger or certain disease situation, the LIC life insurance regime ensures the welfare of the families of the affected people.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h5><span class=\"ez-toc-section\" id=\"What_is_the_applicable_GST_to_the_life_insurance_business\"><\/span><b>What is the applicable GST to the life insurance business?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><b><br \/><\/b><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"As_per_GST_law_GST_applies_to_all_insurance_services_except_only_those_services_which_are_involved_in_the_self-insurance_business_In_that_case_GST_is_applied_to_the_recipient_based_on_RCM_Life_insurance_companies_must_compulsorily_register_GST_and_it_is_assumed_that_GST_will_be_levied_on_general_insurance_as_well_as_insurance_services_Further_as_per_Section_24_vii_of_the_CGST_Act_2017_all_insurance_agents_should_have_GST_registration_The_GST_rate_of_18_applies_to_the_commission_earned_by_the_insurance_agent\"><\/span>As per GST law, GST applies to all insurance services, except only those services which are involved in the self-insurance business. In that case, GST is applied to the recipient based on RCM. Life insurance companies must compulsorily register GST and it is assumed that GST will be levied on general insurance as well as insurance services. Further, as per Section 24 (vii) of the CGST Act 2017, all insurance agents should have <a href=\"https:\/\/www.legalsalaah.com\/gst-registration-online.html\" target=\"_blank\"><b><font color=\"#085294\">GST registration<\/font><\/b><\/a>. The GST rate of 18% applies to the commission earned by the insurance agent.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h5><span class=\"ez-toc-section\" id=\"What_is_the_applicable_GST_on_health_insurance\"><\/span><b>What is the applicable GST on health insurance?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><b><br \/><\/b><\/h6>\n<h5><span class=\"ez-toc-section\" id=\"GST_on_health_insurance\"><\/span><b>GST on health insurance<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><b><br \/><\/b><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"The_premium_for_health_insurance_is_currently_18_percent_GST_Tax_benefits_can_be_claimed_on_payment_made_for_health_insurance_policy_under_section_80D\"><\/span>The premium for health insurance is currently 18 percent GST. Tax benefits can be claimed on payment made for health insurance policy under section 80D.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"For_example_suppose_you_have_got_health_insurance_of_Rs_10_lakh_from_Bajaj_Allianz_General_Insurance_Company_at_the_age_of_30_years_For_this_you_have_to_pay_a_basic_premium_of_Rs_7843_and_GST_of_Rs_1412_18_percent_GST_on_basic_premium_In_this_way_you_will_have_to_pay_a_total_of_Rs_9255_as_a_premium_In_this_case_you_can_claim_tax_benefit_on_the_total_amount_paid_ie_Rs_9255_instead_of_the_premium_amount_of_Rs_7843_However_the_condition_is_that_this_amount_is_within_the_scope_of_the_investment_limit_under_the_relevant_section\"><\/span>For example, suppose you have got health insurance of Rs 10 lakh from Bajaj Allianz General Insurance Company at the age of 30 years. For this, you have to pay a basic premium of Rs 7,843 and GST of Rs 1,412 (18 percent GST on basic premium). In this way, you will have to pay a total of Rs 9,255 as a premium. In this case you can claim tax benefit on the total amount paid i.e. Rs 9,255 instead of the premium amount of Rs 7,843. However, the condition is that this amount is within the scope of the investment limit under the relevant section.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h5><span class=\"ez-toc-section\" id=\"Tax_benefits_on_GST_paid_on_Life_Insurance\"><\/span><b>Tax benefits on GST paid on Life Insurance<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><b><br \/><\/b><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"Like_health_insurance_the_tax_benefit_can_be_claimed_on_GST_paid_on_the_premium_of_life_insurance_That_is_the_tax_benefit_can_be_claimed_under_section_80C_on_the_amount_of_premium_as_well_as_GST_on_it\"><\/span>Like health insurance, the tax benefit can be claimed on GST paid on the premium of life insurance. That is, the tax benefit can be claimed under section 80C on the amount of premium as well as GST on it.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h5><span class=\"ez-toc-section\" id=\"What_is_the_GST_applicable_to_insurance_premiums\"><\/span><b>What is the GST applicable to insurance premiums?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><b><br \/><\/b><\/h6>\n<h5><span class=\"ez-toc-section\" id=\"GST_on_insurance_premium\"><\/span><b>GST on insurance premium<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><b><br \/><\/b><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"GST_on_insurance_premium_ranges_from_25_percent_to_18_percent_That_is_you_have_to_spend_a_significant_additional_amount_in_the_form_of_GST_while_depositing_the_premium_According_to_experts_the_tax_benefit_can_be_claimed_on_any_charge_on_this_GST_or_on_premium\"><\/span>GST on insurance premium ranges from 2.5 percent to 18 percent. That is, you have to spend a significant additional amount in the form of GST while depositing the premium. According to experts, the tax benefit can be claimed on any charge on this GST or on premium.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"The_rate_of_GST_on_insurance_premiums_varies_and_depends_on_the_nature_of_the_insurance_For_example_the_basic_premium_for_health_insurance_is_18_percent_GST_It_can_be_claimed_as_a_tax_benefit_under_80D_Similarly_term_insurance_and_ULIPs_also_attract_18_percent_GST_However_traditional_schemes_such_as_endowment_policies_money-back_policies_whole_life_policies_and_pension_products_attract_a_GST_of_45_percent_on_first-year_insurance_premiums_From_the_second_year_onwards_the_rate_of_GST_on_premiums_decreases_to_225_percent\"><\/span>The rate of GST on insurance premiums varies and depends on the nature of the insurance. For example, the basic premium for health insurance is 18 percent GST. It can be claimed as a tax benefit under 80D. Similarly, term insurance and ULIPs also attract 18 percent GST. However, traditional schemes such as endowment policies, money-back policies, whole life policies, and pension products attract a GST of 4.5 percent on first-year insurance premiums. From the second year onwards, the rate of GST on premiums decreases to 2.25 percent.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h5><span class=\"ez-toc-section\" id=\"How_does_GST_apply_to_interest_on_the_deferred_premium\"><\/span><b>How does GST apply to interest on the deferred premium?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><b><br \/><\/b><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"If_you_have_delayed_the_payment_of_premium_then_naturally_any_late_fee_will_be_charged_GST_will_be_levied_on_the_interest_charged_on_late_fees_In_this_case_there_is_no_fixed_GST_rate_The_rate_of_GST_on_interest_charged_on_late_fees_depends_on_the_type_of_premium_paid\"><\/span>If you have delayed the payment of premium, then naturally any late fee will be charged. GST will be levied on the interest charged on late fees. In this case, there is no fixed GST rate. The rate of GST on interest charged on late fees depends on the type of premium paid.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h5><span class=\"ez-toc-section\" id=\"How_does_GST_apply_to_capital_dividend_account_fees\"><\/span><b>How does GST apply to capital dividend account fees?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><b><br \/><\/b><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"A_capital_dividend_account_is_a_type_of_account_that_a_company_opens_to_its_shareholders_Regular_payment_of_dividends_is_made_to_all_shareholders_towards_their_CAPITAL_DIVIDEND_Account_Therefore_companies_also_provide_insurance_for_the_Capital_Dividend_Account_Here_on_the_capital_dividends_account_insurance_premium_GST_will_be_applicable_at_18_The_capital_dividend_account_fee_also_includes_postage_charges_Obviously_GST_registration_with_a_company_providing_capital_dividend_account_insurance_will_be_mandatory\"><\/span>A capital dividend account is a type of account that a company opens to its shareholders. Regular payment of dividends is made to all shareholders towards their CAPITAL DIVIDEND Account. Therefore, companies also provide insurance for the Capital Dividend Account. Here, on the capital dividend&#8217;s account insurance premium, GST will be applicable at 18%. The capital dividend account fee also includes postage charges. Obviously, GST registration with a company providing capital dividend account insurance will be mandatory.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h5><span class=\"ez-toc-section\" id=\"What_should_a_person_do_if_GST_is_not_mentioned_on_the_premium_receipt\"><\/span><b>What should a person do if GST is not mentioned on the premium receipt?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><b><br \/><\/b><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"Most_companies_do_not_mention_GST_on_premium_receipts_Only_the_premium_amount_is_mentioned_on_the_receipt_In_such_a_situation_the_taxpayer_should_preserve_the_document_related_to_the_premium_payment_This_document_can_be_used_as_proof_of_premium_amount_and_GST_Based_on_this_document_the_taxpayer_can_claim_tax_benefits_on_GST_in_addition_to_premiums_Obviously_he_should_save_the_document_related_to_the_insurance_payment\"><\/span>Most companies do not mention GST on premium receipts. Only the premium amount is mentioned on the receipt. In such a situation, the taxpayer should preserve the document related to the premium payment. This document can be used as proof of premium amount and GST. Based on this document, the taxpayer can claim tax benefits on GST in addition to premiums. Obviously, he should save the document related to the insurance payment.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<p><b>Also, read about <a href=\"https:\/\/www.legalsalaah.com\/blog\/use-cash-itc-for-demand-payment-in-gst\" target=\"_blank\"><font color=\"#085294\">The utilization of Input Tax Credit for Demand payment<\/font><\/a><\/b><\/p>\n<h6><\/h6>\n<h5><span class=\"ez-toc-section\" id=\"How_long_was_GST_collected_from_insurance_policyholders\"><\/span><b>How long was GST collected from insurance policyholders?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><b><br \/><\/b><\/h6>\n<h5><span class=\"ez-toc-section\" id=\"The_GST_paid_by_the_policyholders_on_LIC_insurance_premium_should_be_recovered_in_some_cases_Cases_of_refund_of_GST_given_on_insurance_premium_are_as_follows_%E2%80%93\"><\/span>The GST paid by the policyholders on LIC insurance premium should be recovered in some cases. Cases of refund of GST given on insurance premium are as follows: &#8211;<span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"1_GST_on_certain_charges_paid_by_policyholders_like_Change_fee_or_any_quote_fee\"><\/span><b>1.<\/b> GST on certain charges paid by policyholders like Change fee or any quote fee.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"2_Any_fake_insurance_premium\"><\/span><b>2.<\/b> Any fake insurance premium<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"3_GST_was_levied_on_the_charges_levied_in_the_case_of_giving_written_acknowledgment_for_receipt_of_notice_of_assignment\"><\/span><b>3. <\/b>GST was levied on the charges levied in the case of giving written acknowledgment for receipt of notice of assignment.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"4_Other_than_the_GST_at_the_time_of_cancellation_of_LIC_life_insurance_policy\"><\/span><b>4. <\/b>Other than the GST at the time of cancellation of LIC life insurance policy.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"5_GST_applies_if_there_has_some_change_in_nomination_in_other_words_names_of_the_insured\"><\/span><b>5.<\/b> GST applies if there has some change in nomination in other words&#8217; names of the insured.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"However_on_all_the_above_cases_the_rate_of_GST_will_depend_on_the_type_of_LIC_life_insurance_policy_The_insurer_is_obliged_to_make_registration_with_GST_compulsory_despite_conducting_business_in_the_previous_financial_year_under_any_circumstances\"><\/span>However, on all the above cases, the rate of GST will depend on the type of LIC life insurance policy. The insurer is obliged to make registration with GST compulsory despite conducting business in the previous financial year under any circumstances.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><\/h6>\n<h4><span class=\"ez-toc-section\" id=\"So_these_are_the_ground_rules_of_GST_applicable_to_LIC_life_insurance_services_and_tax_benefits_of_GST_paid_on_insurance_policies_Now_you_can_choose_the_right_LIC_life_insurance_policy_cleverly\"><\/span>So, these are the ground rules of GST applicable to LIC life insurance services and tax benefits of GST paid on insurance policies. Now you can choose the right LIC life insurance policy cleverly.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>The tax benefit can be claimed under Section 80C and 80D of the Income Tax Act on the premiums deposited for life and medical insurance policies. Same as it GST is applicable and paid on insurance policies here the knowledge of GST rates and tax benefits on insurance policies clears all the doubts.<\/p>\n","protected":false},"author":1,"featured_media":528,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gst"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GST rates applicable on Insurance policies<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalsalaah.com\/blog\/gst-rates-applicable-on-insurance-policies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GST rates applicable on Insurance policies\" \/>\n<meta property=\"og:description\" content=\"The tax benefit can be claimed under Section 80C and 80D of the Income Tax Act on the premiums deposited for life and medical insurance policies. 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