House panel: Lower GST on insurance
Financial Express Mumbai|February 07, 2024
Suggests slew of measures to ensure insurance for all
PRASANTA SAHU

TO ENSURE INSURANCE for all by 2047, a Parliamentary panel has recommended a slew of measures, including a reduction in the goods and services tax (GST) rate on health and term insurance from 18%, the introduction of composite licensing to undertake all types of insurance business and allowing the Ayushman Bharat health insurance scheme for the middle class on a paid basis.

In its report on the performance review and regulation of the insurance sector tabled in the Lok Sabha on Tuesday, the Parliamentary Standing Committee on Finance recommended strengthening public sector general insurance companies and reserving a portion of 50-year government bonds for insurers to cater to their investment long-term requirement.

Insurance penetration was 4.2% in India in 2021, while the global average was 7%.

Moreover, the Indian insurance sector is heavily tilted towards the life insurance segment, which has a share of 76%. Globally, the share of the life insurance business in total premiums was 43.7%, and the share of non-life insurance premiums was 56.3% in 2021.

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