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According to information received by CNBC-TV18 from sources, life insurance companies may increase the prices of their term portfolio. There is a possibility of increase in the prices of ICICI Pru Life, Tata AIA Life, Bajaj Elias. HDFC Life is likely to increase prices by between 5-7.5%. SBI Life has not increased its term portfolio. CNBC-TV18 has written to ICICI Pro for comment, reply is awaited.
Let us tell you that HDFC Life Insurance, the country’s third largest life insurance company and second largest private life insurance company, had increased the premium in July 2024. This increase in premium for term insurance policies was 10%.
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The GST Council will meet in Jaisalmer on December 21 to discuss the proposal for GST on life and health insurance premiums.
Union Finance Minister Nirmala Sitharaman also said on Monday that if the GST Council recommends a cut in GST rates on health and life insurance policies, it will become cheaper for policyholders.
He said in a written reply in the Lok Sabha that the GST Council in its meeting on September 9 had recommended the formation of a group of ministers in this regard.