Investment5 Sept 2025, 06:01 pm
Life Insurance Corporation of India Anticipates Business Growth Post GST Exemption on Life Insurance Premium
AI Summary
The Life Insurance Corporation of India (LIC) has welcomed the Indian Government's initiative to exempt Goods and Service Tax (GST) on individual life insurance premium and re-insurance. This move is expected to make insurance more affordable, boosting the objective of 'Insurance for All by 2047'. LIC believes this will expand its customer base and create long-term sustainable value for stakeholders. The Corporation anticipates a nominal impact of less than 0.5% on its Embedded Value. With a diversified product portfolio tailored to customer needs, LIC is confident that this customer-focused GST relief will boost business volumes and the Value of New Business (VNB).
Key Highlights
- Life Insurance Corporation of India welcomes GST exemption on individual life insurance premium and re-insurance
- Expects the move to make insurance more affordable and boost the objective of 'Insurance for All by 2047'
- Anticipates expansion of customer base and long-term sustainable value for stakeholders
- Foresees a nominal impact of less than 0.5% on Embedded Value
- Confident that the relief will boost business volumes and Value of New Business (VNB)