°GST on health insurance needs to be reduced,

IFFCO Tokio General Insurance Company Limited (IFFCO Tokio) has sent its suggestions to the government, seekingto reduce goods and se Nices tax (GST) rates on health insurance premiums to 5 per cent from the existing18 per cent, said the f Irm's Managing Director and Chief Executive 0ff\cer (MD and CEO) SUBRATA MONDAL in an inte Niew with Harsh Kumar in Gurugram. Mondal discussed the future plan of insurance companies alongwith emerging challenges forthe sector. Edited excerpts:

What is your view on the demand for reduction of GST on health insurance premiums?

For a long time, we have been discussing reduction ofthe GST rate on health insurance premiums. If we want to increase penetration and make insurance more accessible, we need to advocate for a lower GST rate on health insurance. This would help reduce costs and make insurance more affordable for the public. We have given our suggestions through the association of insurers to the government. We are hopeful QA SUBRA 'A MONDAL they need to know about their policies. Currently, policies are often 30-40 pages long, and most people don't read the entire document. They only refer to it when an incident occurs, and that's when they often discover important details hidden in the fine print.