SBI Life Insurance, HDFC Life Insurance, LIC, ICICI Lombard, other insurance stocks traded over a percent higher on Thursday after reports suggested that Goods and Services Tax (GST Council’s Group of Ministers proposed exempting life and health insurance purchased by individuals from GST.
A GST rate of 18% is currently levied on life and health insurance premiums. Media reports suggested the Group of Ministers on insurance has proposed that health and life insurance premiums be exempted from the levy.
However, the final decision will be taken by the GST Council after broader consultations with states.
