GST exemption will boost health insurance: nic boss | Kolkata News – Times of India

Kolkata: The Retail Health Insurance Segment will see a boom if premiums are exempt from GST, National Insurance CMD Rajeswari Singh Muni said on tuesday. A price Drop, She said, would attract more retail customers and may also encourage existing customers to increase the sum assured.The center is Mulling Exampting Life and Health Insurance Premiums from GST.“Today, Health Insurance is the Fastest-Growing Segment, Constituting Around 41% of the Total Non-Life Insurance Premium in the Country,” Singh Muni said “.According to Her, Around 55 Crore People in the Country are covered under various types of health insurance, include paid health insurance, Central Health Insurance and State HEALTE HEALTE Insurance. The rest of the population is not covered by any health insurance.“Post-Covid, The Need and Significance (of Health Insurance) Have Been Largely undersrstood by the Public, and the Demand has decided increated. Covered Under Any Form of Health Insurance. Fully protected, considering the rising medical treatment costs and related inflation, “She said.Health Insurance Premiums Attract a GST of 18%.At National Insurance Company, The Main Factors Considered while Pricing Health Products are Age, Demographic Distribution and The Inflationary Trends of Healthcare costs.“We do not foresee any immediane increase in health insurance premiums on account of either Reduction or Examption of GST. GST. Affordable, “Singh Muni said. Incidentally, 50% of the nic portfolio is health.