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Mumbai, Nov 14 (PTI) There has been a “substantial growth" in insurance business since the September 22 rationalisation in the goods and services tax (GST), sector regulator Irdai’s member Deepak Sood said on Friday.

Speaking at an event organised by industry lobby grouping Assocham here, Sood said the government has brought insurance at par with daily necessities by cutting the GST to zero and the onus is now on the industry to deliver by deepening coverage.

He also asked them to ensure that the full benefit of the “paradigm changing" GST rationalisation is passed on to make policies more affordable for the end-consumer.

“What we’ve seen in October, that is an indication of how things will be. I think both the life insurance industry and the retail health has s

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