HT Bureau
GUWAHATI, Nov 3: ICICI Prudential Life Insurance Company has announced that it has passed on the full benefit of the recent Goods and Services Tax (GST) exemption on life insurance policies to its customers, effectively reducing premium rates across its products, including term insurance plans.
The move follows the Government of India’s decision to exempt life insurance premiums from the 18 per cent GST that was previously applicable.
Earlier, policyholders had to pay an additional ₹18 as GST on every ₹100 of premium.
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With the exemption, customers now pay only the base premium amount, making insurance products more affordable.
According to ICICI Prudential Life, the revised pricing has significantly lowered the cost of term insurance.
A 30-year-old male non-smoker who earlier paid a monthly premium of ₹825 (inclusive of GST) for a ₹1 crore cover over 30 years will now pay ₹699.
Similarly, a 30-year-old female non-smoker will pay ₹594 per month, down from ₹697 earlier.
Vikas Gupta, Chief Product Officer of ICICI Prudential Life Insurance, said, “At ICICI Prudential Life Insurance, we believe that true value lies in doing what’s right for our customers. Every saving we return to our customers strengthens trust, enhances affordability, and moves us closer to a future where quality insurance is within everyone’s reach. It also complements our ongoing efforts to reduce the protection gap by encouraging more individuals to secure their future.” The company said that the reduced premiums are expected to make protection plans more accessible to families across the country, thereby promoting financial security and supporting efforts to expand insurance penetration in India.
