As you may be aware, starting from July 1, 2017 the Goods and Services Tax (GST) is proposed to replace all indirect taxes like Service Tax and Cess.

The introduction of the GST by the Government of India is a significant step in implementing a uniform indirect taxation system in India.

Please make a note of GST rates that will be applicable, depending on your policy type.

To know more, please click here.

Product Type Applicable On Service Tax & Cess (Current) GST (Proposed)
Term Policy Premium payable 15% 18%
Term Policy Premium Payable 15% 18%
Unit Linked Insurance Policy Charges i.e. FMC Charges 15% 18%
Riders Premium Payable i.e. Accidental Death Benefit Rider 15% 18%
Health Insurance Policy Premium Payable 15% 18%
Endowment Policy First Premium 3.75% 4.50%
Endowment Policy Premium Payable i.e. Regular Premium 1.88% 2.25%
Single Premium Annuity Policy Premium Payable 1.50% 1.80%
 
New GST rate on your policies
Type of Product Existing Rate New Rate
Type NB Renewal NB Renewal
IndiaFirst Immediate Annuity Annuity 1.50% NA 1.80% NA
Guaranteed Retirement Plan Endownment 3.75% 1.88% 4.50% 2.25%
IndiaFirst Maha Jeevan  Plan Endownment 3.75% 1.88% 4.50% 2.25%
IndiaFirst Simple Benefit Plan Endownment 3.75% 1.88% 4.50% 2.25%
IFL CSC Jeevan Shubhlabh Plan Term Plan 15% 15% 18% 18%
IndiaFirst Anytime Plan Term Plan 15% 15% 18% 18%
IndiaFirst INSURANCE KHATA Term Plan 15% 15% 18% 18%
IndiaFirst Life Plan Term Plan 15% 15% 18% 18%
IndiaFirst Mediclaim Plan Term Plan 15% 15% 18% 18%
IFL MoneyBack Health Plan ULIP 15% 15% 18% 18%
IndiaFirst Happy India Plan ULIP 15% 15% 18% 18%
IndiaFirst Money Balance Plan ULIP 15% 15% 18% 18%
IndiaFirst Smart Save Plan ULIP 15% 15% 18% 18%
IndiaFirst Young India Plan ULIP 15% 15% 18% 18%
India First Cash Back Plan Endownment 3.75% 1.88% 4.50% 2.25%
IndiaFirst Education Plan ULIP 15% 15% 18% 18%
IndiaFirst Future Plan ULIP 15% 15% 18% 18%
IndiaFirst High Life Plan ULIP 15% 15% 18% 18%
IndiaFirst Life Cash Back Plan Endownment 3.75% 1.88% 4.50% 2.25%
IndiaFirst Savings Plan ULIP 15% 15% 18% 18%
IndiaFirst Secure Save Plan Endownment 3.75% 1.88% 4.50% 2.25%
IndiaFirst Wealth Maximizer ULIP 15% 15% 18% 18%
Star First Care Term Plan 15% 15% 18% 18%
Star First Classic Term Plan 15% 15% 18% 18%
Star First Optima Term Plan 15% 15% 18% 18%
Star Plus Comprehensive Term Plan 15% 15% 18% 18%
 

Note

  • In case of ULIP- GST will be applicable only on charges and not on entire premium
  • In case of Khata-SA upto 50,000- GST Nil
  • In case of Khata-SA more than 50,000- GST 18%