GST cut puts insurance on par with food in fiscal policy, says IRDAI chief | BFSI Summit 2025

The government’s latest fiscal stance with the Goods and Services Tax (GST) rate cut on health insurance has elevated insurance to the same priority level as essential goods like food, signalling a long-term policy commitment to deepen coverage and affordability, Insurance Regulatory and Development Authority of India (IRDAI) Chairman Ajay Seth said on Thursday (October 30). Speaking at Business Standard’s annual BFSI Summit in Mumbai, Seth said the government’s decision to reduce the GST on insurance products to zero places the sector “on par with food items” in policy significance.