Centre urged to remove GST on LIC premium

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Members of the All India Life Insurance Corporation Agent’s Forum, Mandya unit, staged a protest here on Tuesday, urging the Union government to immediately withdraw the Goods and Services Tax (GST) on premiums. The implementation of GST on premiums and policies has been badly affecting the policy holders as well as agents. The government has been imposing GST on the service charge for changing nominations and this is against the interest of several crores of policy holders across the country, they told presspersons.

The Union government was also urged to increase the bonus on policies/premiums of the policy holders. There was no tax/service charge on premiums/policies from 1956 to 2014. Unfortunately, the National Democratic Alliance (NDA) government, led by Prime Minister Narendra Modi, has taken some steps that have been discouraging the people from taking life insurance policies besides causing financial burden to the policy holders, the agitators said. They demanded an income tax rebate of ₹1,00,000 on insurance policies to policy holders; and enhancement of group insurance, medical expenses and gratuity for the agents.

Read More at: https://www.thehindu.com/news/national/karnataka/centre-urged-to-remove-gst-on-lic-premium/article30616721.ece