Insurance policy renewals see delay ahead of GST reforms' implementation

Fresh issuances stay steady as customers weigh renewal options before GST reform

Policyholders are delaying their insurance policy renewals until the new goods and services tax (GST) rates become effective from September 22.

 

However, fresh policy issuances remain steady with insurers allowing customers to buy policies at nil GST rates now, distributors said.

 

Dhirendra Mahyavanshi, managing director (MD) & chief executive officer (CEO), Turtlemint, said, “With the announcement of recent GST reforms, we have noticed hesitation among customers to immediately renew their health and life policies. This is especially from customers with policy expiry dates before September 22. They are choosing to delay their renewals until the GST reforms become effective.”

 

“We