Deals5 Sept 2025, 09:06 am
GST Exemption on Individual Life Insurance Policies to Benefit Axis Max Life
AI Summary
The GST council has approved the exemption of individual life insurance policies from GST, effective from September 22, 2025. This change is expected to have a less than 1% impact on Axis Max Life's embedded value. The company, a subsidiary of Max Financial Services Ltd, is preparing its systems and processes for a smooth transition. This move is believed to improve affordability for consumers and reduce the protection gap in the country.
Key Highlights
- GST exemption approved for individual life insurance policies
- Less than 1% impact on Axis Max Life's embedded value
- Company preparing for smooth transition
- Expected to improve affordability for consumers
- May help reduce the protection gap in the country