GST Exemption Driving Health, Term Cover Sales, Say Insurers
Mumbai: The government’s landmark reform to exempt term and health insurance policies from Goods and Services Tax (GST) is fueling sale of new policies say insurance companies.
Standalone health insurer Star Health Insurance said that it iswitnessing growth from all channels and from the younger age group. Anand Roy, managing director and CEO, Star Health Insurance, said, "Star health insurance is witnessing a good increase in policy sales
after the GST cut. The growth is coming through all our channels,including brokers, agents , banks & digital . We are also noticing that a large part of this demand is being driven by younger insurance buyers and through digital platforms."
“Nil GST on health insurance has been a powerful driver of demand for health insurance and is likely to increase penetration which has been stagnant,” added Roy.
