Page 9 - Health Insurance

Insurance premiums may drop if GST Council decides to reduce taxes: FM

Finance Minister Nirmala Sitharaman on Monday said the cost of insurance to the policy holder is expected to come down if the GST Council recommends a reduction in GST rate on health and life insurance policies. In a written reply in the Lok Sabha, she said the GST Council in its September 9 meeting had recommended to constitute a Group of Ministers (GoM) to holistically look into the issues pertaining to GST on life insurance and health insurance. "...The matter of review of GST rates on life and health insurance is pending before the GoM. If a recommendation for a reduction in GST rate is made by the GST Council, the cost of insurance to the policy holder is expected to come down on account of reduction in GST," she said. Sitharaman said this while replying to the question on whether GST reduction on health insurance will be a step towards making healthcare more equitable. To a query on how the government will ensure that insurance companies pass on the benefits of any GST reduct

Govt collects Rs 16,398 crore GST on health, life insurance in FY24: FinMin

This comes amid demands from stakeholders, including states, to reduce GST rates on health and life insurance premiums

GoM report on GST on health insurance to be put before Council: FinMin

Recommendations of the Group of Ministers (GoM) looking into issues pertaining to GST on life and health insurance will be placed before the GST Council when received, Parliament was informed on Monday. The issue of exempting/reducing GST on life and health insurance was placed before the GST Council in its 54th meeting on September 9, 2024. After detailed deliberations, the Council recommended constituting a GoM to holistically look into issues pertaining to GST on life and health insurance. Accordingly, a GoM was constituted under the Chairmanship of Samrat Chaudhary, Deputy Chief Minister of Bihar. First meeting of the GoM was held on October 19, 2024 at New Delhi where issues of GST rate on health and life insurance policies were discussed, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Lok Sabha. "Recommendations of the GoM when received will be placed before the GST Council," he said. GST on health insurance services and pure term life insuranc

Demand for super top-up health insurance plans rises after Covid pandemic

A super top-up health insurance plan pays the policyholder for medical expenses that exceed the coverage limit of their base health insurance policy

GST on health insurance needs to be reduced: IFFCO Tokio's Subrata Mondal

Mondal discussed the future plan of the companies along with the emerging challenges for the sector

Galaxy Health unveils a plan with no co-payment, ICU cover & bonus

Plans address a range of family health care needs such as assisted reproduction treatment, in-utero fetal surgery for unborn

GST Council may waive 18% tax on senior citizens' insurance plans in Dec

The GST Council is scheduled to meet in Rajasthan on December 21 and 22 to discuss potential tax relief on select insurance plans

Air pollution driving up health costs? Choose comprehensive insurance now

Currently, health insurance in India does not feature policies exclusively focused on pollution-related health issues

Keep health cover comprehensive and contemporary by adding riders

Some base policies have restrictions, such as co-payment or room rent sub-limit. A rider can overcome these restrictions

SAHIs share in retail health insurance segment rises to 57% in FY24

According to the red herring prospectus (RHP) filed by Niva Bupa, the growth in share is attributed to the rising number of individual agents, an expanding hospital network

Should you bundle health and life cover plans: Key points to consider

One of the main benefits of bundled insurance plans is the potential for lower premiums compared to buying individual policies separately

Buying a cardiac plan? Check waiting periods and co-payment requirements

Customers should also watch out for sub-limits on room rent and specific treatments

Buying cardiac insurance, planning wedding: Top personal finance stories

This week we report about the fine print in specialised insurance for heart conditions and how to organise a lavish wedding

Insurance policies of various companies collected in single table

What companies offer to subscribers living in a metro city and do not smoke

Health insurance for a newborn: Why it's needed, what does it provide

Before buying insurance, parents should consider aspects like network hospitals, claim settlement ratio

No GST on premiums? Life and health insurance tax breaks in the works

The Goods and Services Tax (GST) Council is considering exempting premiums paid for life and health insurance from GST.

Bengal's efforts forced Centre to exempt GST on health premium: CM Mamata

West Bengal Chief Minister Mamata Banerjee on Saturday claimed that the Centre's likely decision to exempt GST on term life insurance premiums and premiums paid by senior citizens for health coverage is the result of sustained efforts by the state government. She said the central government appears to be "under pressure" to cut taxes to benefit the common people. An official stated that term life insurance policies and health insurance premiums for senior citizens are likely to be exempt from GST, as most members of a state ministerial panel favoured tax cuts to benefit the public. The GoM (Group of Ministers), which met on Saturday to decide on GST for health and life insurance premiums, chose to exempt GST on premiums paid by individuals, other than senior citizens, for health insurance coverage up to Rs 5 lakh. However, 18% GST will continue to be levied on health insurance coverage exceeding Rs 5 lakh. "Our sustained efforts appear to be paying dividends the Central government

GoM bats for exemption of life insurance premium from GST: Report

Goods and services tax (GST) on term life insurance premiums, and premium paid by senior citizens for health cover is likely to be exempted from tax, an official said on Saturday. The GoM to decide on the GST rate on life and health insurance met on Saturday and decided to exempt GST on premiums paid for health insurance with coverage of Rs 5 lakh for individuals other than senior citizens. The final decision in this regard will be taken by the GST Council Officials premiums paid for health insurance coverage of above Rs 5 lakh will continue to attract 18 per cent GST. Currently, 18 per cent GST is levied on life insurance premiums paid for term policies and family floater policies. "GoM members are broadly on board for cutting my rates on insurance premiums. A final decision will be taken by the GST Council," an official said. Bihar Deputy Chief Minister Samrat Chaudhary said, "Every GoM member wants to give relief to people. Special focus be on senior citizens. We will submit a

ESIC medical council approves convergence of ESI scheme with AB-PMJAY

Employees' State Insurance Corporation's (ESIC) Medical Benefit Council on Friday approved convergence of ESI scheme with Ayushman Bharat PM-JAY to enhance healthcare accessibility to beneficiaries. The decision to converge the two schemes was taken at 86th Meeting of Medical Benefit Council held at ESIC headquarters here, a labour ministry statement said. Ashok Kumar Singh, Director General (DG), ESIC chaired the meeting. Ayushman Bharat PM-JAY is the largest health assurance scheme in the world which aims at providing a health cover of Rs 5 lakh per family per year for secondary and tertiary care hospitalization to over 12 crore poor and vulnerable families (approximately 55 crore beneficiaries) that form the bottom 40 per cent of the Indian population. The council also approved the implementation of the Common Support Mission (CSM) for states. The CSM aims to improve and strengthen ESI's medical service delivery system in sates with focus on the IP (insured persons) centric ...

Heart insurance claims double in 5 years; treatment costs surge 53%: Report

The cost of coronary artery bypass grafting (CABG) has risen from Rs 2.1 to Rs 4.2 lakh in 2018-2019 to Rs 3 to Rs 6 lakh in 2023-2024