The Life Insurance Corporation (LIC) of India is arguably India’s premier insurance provider. Insurance was one area that was also impacted by GST. Many types of insurance witnessed an increase of 3% on the prevailing tax amount. This has led to some confusion among policyholders who are often unsure what the tax rate is and what their premium amount excluding it. Read on to find out which insurance types were affected by the increase in the tax rate as well as how to find out LIC premium without tax.
There are three types of life insurance available to Indians, they are:
1. Term insurance policies
2. Endowment policies
3. Unit-linked Insurance plans
For more information log on to iiflinsurance and know more about how to calculate LIC premium without tax and which insurance types were affected by the increase in the tax rates.