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Goods and Services Tax (GST) apply to almost every sector and services including Life Insurance unless otherwise exempted by the GST Law. As per the latest rates, 18% GST applies to the life insurance premiums. While the rate may seem high enough to disrupt the returns on investment policies, its overall effect is nominal.
The GST in insurance policies applies only on the protection premium or a part of it. Given below are few popular insurance plans and how GST will affect your premiums for them:
1. Term Insurance Plans
Term insurance plans are pure protection plans, thus the GST applies on the entire premium amount. Thus, if your annual premium is Rs. 10,000 for a term policy, you will need to pay Rs. 11,800 including GST.
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Tax Savings - Top Selling Plans
We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.
Family Shield: Enhanced Protection
iSelect Smart360 Term Plan
- 3 Plan options
- Life cover till 99 years
- Steady income benefit
- Block your premium at inception
Fixed Returns, Zero Risks & Worries
iSelect Guaranteed Future Plus
- 4 Plan options
- Life cover + Guaranteed benefits
- Accidental death benefit
- Premium protection cover
Start Young, Pay Less, Stay Secured
Young Term Plan
- Life cover till 99 years
- Coverage for spouse
- Block your premium rate
- Covers 40 critical illness
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