Health & Term Insurance Premiums Drop After GST Cut | What You Need to Know 🩺

From 22nd September, health and term insurance premiums will no longer carry 18% GST. While this doesn’t mean a flat 18% discount—since insurers will lose input tax credit on their costs—it will still make your premiums cheaper than before.

Here’s what you should do to make sure you benefit:

Check your renewal date: If it falls after 22nd September, confirm that your insurer has applied the zero GST rate in your renewal quote.

Use the grace period smartly: If your due date is close, delaying payment by a few days (while still within the grace period) can help you capture the benefit.

Ask for updated premium illustrations: Don’t just auto-renew on old paperwork—request the revised premium without GST from your insurer or agent.

Compare across insurers: This is a good time to shop around, since every company will pass on the benefit differently depending on their ITC structure.


Being proactive with these steps can save you thousands over the life of your policy, making your cover more affordable without compromising on protection.


© CS Aditya Sharma
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