After GST rationalisation, innovation will boost life insurance: CEOs

Insurance leaders view the GST waiver as an inflexion point, detailing plans to boost customer value and make products the engine for growth

The reduction in Goods & Services Tax (GST) on individual life and health insurance premiums has been called a “landmark step” for making insurance affordable and inclusive. In a panel discussion at Business Standard BFSI Insight Summit 2025, Anup Bagchi, managing director (MD) & chief executive officer (CEO) of ICICI Prudential Life Insurance; Mahesh Balasubramanian, MD & CEO of Kotak Life Insurance; Tarun Chugh, MD & CEO of Bajaj Life Insurance, and Ratnakar Patnaik, MD of Life Insurance Corporation of India (LIC), discussed what else the industry needs to spread its reach. Edited excerpts:

 

Will GST rationalisation lead to better