(THE NEWSMAN OF INDIA.COM)
Life Insurance Corporation of India (LIC), the country’s leading life insurer, has expressed gratitude to the Chairman of the GST Council, Nirmala Sitharaman, Hon’ble Minister of Finance and Corporate Affairs, for the landmark decision of removing GST on Individual Life Insurance products. This progressive reform is set to make life insurance more affordable and accessible to citizens, aligning with the national vision of “Insurance for All by 2047.”

R Doraiswamy, CEO & Managing Director of LIC, has lauded this initiative as a transformative step that will encourage more people to secure their financial future through insurance. Under his leadership, LIC continues to play a pivotal role in expanding financial inclusion and driving insurance penetration across India.

The removal of GST on life insurance premiums is expected to provide much-needed relief to policyholders while also boosting demand for insurance products, particularly among the middle and lower-income groups. This measure not only enhances affordability but also reinforces the government’s commitment to strengthening social security for every citizen.

Highlighting LIC’s role in the sector, Doraiswamy emphasized that the organization remains dedicated to serving policyholders with trust, transparency, and innovation. With this reform, LIC is poised to further accelerate its mission of protecting families, promoting financial literacy, and contributing significantly towards the goal of universal insurance coverage by 2047.