GST rate cut is a growth opportunity for insurers: Irdai chief Ajay Seth

Making insurance products more affordable shows that the govt views the sector as essential as food, says Irdai chief Ajay Seth

The exemption of individual life and health insurance premiums from the Goods and Services Tax (GST) enables the insurance industry to make products affordable and attractive, said Ajay Seth, chairman of Insurance Regulatory and Development Authority of India (Irdai) at the Business Standard BFSI Insight Summit 2025.

 

“What the government has signalled is that insurance firms have zero GST, and so do food products [processed]. The inference I draw here is that the government is putting insurance in the same category as food, which is essential for life. This is an opportunity for the sector to focus on the consumer,”