The waiver of Goods and Services Tax (GST) on individual health insurance premiums has led to a 20 per cent increase in the sale of health cover in October, the first full month in the new tax regime. Addressing a long-pending demand, the Centre has waived 18 per cent GST on individual health and life cover policies, which came into effect from September 22.

“The GST reduction on health insurance has been a meaningful step towards improving affordability and driving wider adoption. On a year-to-date basis, policy issuances are up 20 per cent and premiums nearly 10 percent,’’ Rakesh Kaul, Chief Distribution Officer – Retail Business, Bajaj General Insurance (formerly Bajaj Allianz General Insurance Company), told businessline on Wednesday.

Policy support

The shift reflected how a supp

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