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All GST benefits will go to customers: HDFC Life Insurance MD & CEO

HDFC Life sees 50% surge in retail term sales after GST cut; CEO Vibha Padalkar outlines margin recovery, product mix shift, and strategies to offset ITC impact

Vibha Padalkar, managing director and chief executive officer, HDFC Life Insurance
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Vibha Padalkar, managing director and chief executive officer, HDFC Life Insurance

Aathira VarierSubrata Panda Mumbai

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Following HDFC Life Insurance Company’s second-quarter (Q2) 2025-26 (FY26) earnings, Vibha Padalkar, managing director and chief executive officer, spoke to Aathira Varier and Subrata Panda about the impact of the goods and services tax (GST) cut on insurance premiums, the withdrawal of input tax credit (ITC), and the company’s plans to mitigate these changes. Edited excerpts:
 
How has the GST cut and the withdrawal of ITC impacted the company in Q2FY26?
 
The removal of GST on insurance premiums is a monumental step because it reinforces the importance of life insurance in the minds of ordinary Indians. A developed nation cannot