Tax

Impact of GST Infographic

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Impact of GST on Insurance Premiums

With an increase in the insurance premium, the competition among the different insurers is expected to become more intense. Insurance companies will try to offer improved products to increase market share, which would benefit the consumers. The premium charged by insurers not only includes the risk element but also incorporates other factors. These include agents’ commissions, documentation, and issuance fees. The higher GST rate is expected to make insurance policies costlier. To reduce this impact, insurance companies are expected to decrease the costs of the other charges included in the premium.
The increase in premium is not the only factor an individual must consider while purchasing insurance. The security of loved ones in case of an adverse event plays an important role in making the right decision. HDFC Life Click 2 Protect 3D Plus offers cover for Death, Disability and Disease.

 

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