GST on insurance
What should you do if your Renewal is coming from now until the 22nd of September?
For all those whose policies come up for renewal from now until 22nd September,
1. You renew ur policy as per the schedule
2. You can choose to renew after the 22nd, and you will get GST exemption.
However, if any claim arises from now until the renewal in the grace period,
The insurer will not pay any claim.
So what should u do?
If you have a renewal now,
Please pay the premium and do not wait for the GST waiver
As any claim will negate the savings
Everyone with renewal from the 22nd will get a GST waiver automatically! more
For all those whose policies come up for renewal from now until 22nd September,
1. You renew ur policy as per the schedule
2. You can choose to renew after the 22nd, and you will get GST exemption.
However, if any claim arises from now until the renewal in the grace period,
The insurer will not pay any claim.
So what should u do?
If you have a renewal now,
Please pay the premium and do not wait for the GST waiver
As any claim will negate the savings
Everyone with renewal from the 22nd will get a GST waiver automatically! more
Viewed by 535
It's better to save money for rainy days and not depend upon insurance companies to help you during difficult times of hospitalization. There are agents who need to be pleased. more
Sep 09
This GST exemption is not aplicable for retired senior citizens from banks who pay their premium with 18% GST for their Health Insurance done by nationalised banks. more
Sep 08
i think the insurance company to promote the same should extend the date of payment till say 1st oct for people to be with the policy and say no fines will be imposed in that way it will be increase customer confidence towards the company more
Sep 07
