Kolkata: One of the momentous decisions in the recent GST rejig was to exempt life and health insurance premiums from GST payments. The premiums on life and health premiums went up significantly in the past two years and the GST exemption has benefitted millions of policyholders. The premium on term insurance plans, traditional endowment life insurance products and unit-linked plans have all come down.

While the move was expected to benefit the life and health insurance companies, public sector behemoth LIC, which is the largest insurer in the country, benefitted spectacularly. According to repots, it attracted an inflow of more than Rs 1,100 crore on the very first day of the GST being removed from insurance products, which made the policies more attractive and accessible to a large num

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