GST Exemption on Life, Health Insurance Has Boosted Sales Says IRDAI Member
He also said that for the country to achieve the goal of ‘Insurance for all by 2047’ we must overcome three key barriers including awareness, affordability and accessibility and bridge the trust deficit. He also urged insurers to ensure there is no mis-selling and build strong grievance redressal mechanisms.
Mumbai: The government’s move to exempt individual life and health insurance premiums from Goods and Services Tax (GST) has led to substantial interest in the two segments and would aid insurance penetration, Deepak Sood, member (non-life), Insurance Regulatory and Development Authority of India (IRDAI), said on Friday. Speaking at the 17th Assocham Global Insurance Conclave, Sood said that the strong new policy sales numbers for life and health insurance for October is an indication that growth would further pick up in the second half of the financial year.
"What we've seen in October (sales growth), that is an indication of how things will be. I think both the life insurance industry and the retail health have seen substantial growth, substantial interest coming from people. As we get into the rest of the year, we all know that health insurance, life insurance picks up in the second half. And with this tailwind, I think we should be able to make insurance penetration much better, reaching out to people much better,” said Sood.
He also said that for the country to achieve the goal of ‘Insurance for all by 2047’ we must overcome three key barriers including awareness, affordability and accessibility and bridge the trust deficit. He also urged insurers to ensure there is no mis-selling and build strong grievance redressal mechanisms.
