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The <keyword id="19994390" type="General" weightage="100" keywordseo="GST-Council" source="keywords">GST Council</keyword> on Monday is expected to deliberate on a host of issues, including <keyword id="20118944" type="General" weightage="20" keywordseo="taxation" source="keywords">taxation</keyword> of insurance premiums, GoM's suggestions on rate rationalisation, and a status report on <keyword id="19939772" type="General" weightage="20" keywordseo="online-gaming" source="keywords">online gaming</keyword>, sources said. Sources said the fitment committee, comprising Centre and state tax officials, will present a report on GST levied on life, health and reinsurance premiums and the revenue implications. The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, will decide on whether to reduce the tax burden on <keyword id="19894985" type="General" weightage="20" keywordseo="health-insurance" source="keywords">health insurance</keyword> from the current 18% or exempt certain categories of individuals, like senior citizens. The deliberations will also happen with regard to the goods and services tax (GST) cut on <keyword id="23083492" type="General" weightage="20" keywordseo="life-insurance-premium" source="keywords">life insurance premium</keyword>. In 2023-24, the Centre and states collected Rs 8,262.94 crore through GST on health <keyword id="22612491" type="General" weightage="20" keywordseo="insurance-premium" source="keywords">insurance premium</keyword>, while Rs 1,484.36 crore was collected on account of GST on health reinsurance premium. The issue of taxation on insurance premium figured in Parliament discussions with opposition members demanding that health and life insurance premiums be exempt from GST. Even Transport Minister Nitin Gadkari wrote to Sitharaman on the issue. Finance Minister Nirmala Sitharaman in her reply to discussion on the Finance Bill had said 75% of the GST collected goes to states and opposition members should ask their state finance ministers to bring the proposal at the GST Council. West Bengal Finance Minister Chandrima Bhattacharya had raised the issue in the meeting of the Group of Ministers (GoM) on rate rationalisation last month and the matter was referred to the fitment committee for further data analysis. The GoM had opined against any tinkering of four-tier GST slab of 5, 12, 18, and 28 % for the time being. The panel, however, had asked the fitment committee to look into any scope for rationalisation of rates of goods and services. With regard to online gaming, Centre and state tax officers will present a "status report" before the GST Council. The report would include <keyword id="20053837" type="General" weightage="20" keywordseo="GST-revenue" source="keywords">GST revenue</keyword> collection from the online gaming sector before and after October 1, 2023. From October 1, 2023, entry-level bets placed on online gaming platforms and casinos were subject to 28% GST. Prior to that, many online gaming companies were not paying 28% GST, arguing that there were differential tax rates for games of skill and games of chance. The GST Council in its meeting in August 2023 had clarified that online gaming platforms were required to pay 28% tax and subsequently, Central GST law was amended to make the taxation provision clear. Offshore gaming platforms were also mandated to register with GST authorities and pay taxes, failing which the government would block those sites. The council had then decided that the taxation on online gaming sector would be reviewed after six months of its implementation. Sources said the Council would deliberate on the status of taxation on the sector, and any change in tax rates is unlikely. Besides, the Council is likely to be apprised about the ongoing drive against fake registration, the success of the drive and action taken against such entities. The total amount of suspected GST evasion would also be presented before the Council. The drive, from August 16, 2024, to October 15, 2024, is aimed at detecting suspicious/fake GSTINs and to conduct requisite verification and further remedial action to weed out these fake billers. In the first drive between May 16, 2023 to July 15, 2023, against fake registration, 21,791 entities (11,392 pertaining to state tax jurisdiction and 10,399 pertaining to CBIC jurisdiction) having GST registration were discovered to be non-existent. An amount of Rs 24,010 crore (state - Rs 8,805 crore + centre - Rs 15,205 crore) of suspected tax evasion was detected during the special drive. Also, the Council would approve notifications, including that of the amnesty scheme, announced in the last council meeting. The council in June meeting took a host of taxpayer-friendly measures, including waiver of interest and penalty for demand notices issued in the first three years of GST -- 2017-18, 2018-19 and 2019-20 -- if the full tax demanded is paid by March 31, 2025. To reduce litigation, a monetary limit for tax officers, to file appeals before the GST Appellate Tribunal, the High Court and the Supreme Court was fixed at Rs 20 lakh, Rs 1 crore and Rs 2 crore, respectively, by the Council. It also recommended a reduction of the quantum of pre-deposit required to be paid by taxpayers for filing of appeals under goods and services tax (GST).

GST Council to deliberate on taxation of insurance premium, report on online gaming tomorrow

Life is an uncertain journey wherein many factors can disrupt the flow of life. If you are a part of the growing middle class who is working for a company, you are dependent on a regular monthly income. This regular monthly salary ensures that one can take care of every need promptly and plan accordingly. Electricity, telephone, mobile and internet bills, the fortnightly or monthly dine outs with the family etc. are all dependent on the bread earner’s monthly salaries. What never strikes most professionals is how their families will manage these regular expenses if they are not around. Whether is it an untimely accident or a life-threatening disease, when a family loses their salaried member it can disrupt their lives in more ways than one. Not only do they have to deal with the emotional trauma of losing their loved one, they also have to deal with the consequences of financial instability. The solution to avoid such a dire situation is insurance which doesn’t make a huge dent in a worker’s monthly salary all the while ensuring that the entire family remains financially secure. <keyword id="171063" type="PERSON" weightage="20" keywordseo="Term-insurance">Term insurance</keyword> is a must-have product for anyone who has dependents in their family. It can be purchased online directly from the insurer's website in just 10 minutes. The monthly premium is very cheap and starts from about Rs. 380 per month. One added benefit is that these plans also give <keyword id="45031" type="PERSON" weightage="20" keywordseo="Tax">tax</keyword> benefit under section 80C. Consider terms carefully However, there are some factors to consider before signing up for term insurance which is a time-bound policy. Before buying insurance, it is important to note the extended features or riders attached to the policy. In fact, you can even extend the protection element in the policy by paying a nominal fee to cover factors like personal accident cover, critical illness cover and waiver of the <keyword id="168318" type="PERSON" weightage="20" keywordseo="insurance-premium">insurance premium</keyword>. An important thing to note here is that if the insured professional survives the policy term, there will be no payout, at all. 
<iframe src="https://www.iciciprulife.com/term-insurance/term-insurance-monthly-income-times-50.html?UID=6027&amp;utm_source=TimesInternet&amp;utm_medium=BI&amp;utm_campaign=MonthlyIncomeArticle&amp;cid=Display:Article:TimesInternet:Calculator:DM-TI-Article:iPS:MonthlyIncomeArticle-BI:MonthlyIncomeArticle::Eng::6027:cpc:::" scrolling="no" width="100%" height="660" frameborder="0">
</iframe>
Disclaimer: The quotes are indicative and TIL bears no legal liability for the calculation.

Here’s how you can ensure financial stability of your family

The <keyword id="26362" type="COMPANY" weightage="20" keywordseo="Government">Government</keyword> has allowed <keyword id="92835" type="COMPANY" weightage="20" keywordseo="Motor">motor</keyword> and health <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> policy holders to defer payment of their renewal <keyword id="47469" type="PERSON" weightage="20" keywordseo="premium">premium</keyword> falling due during the period of the lockdown. The finance ministry in a notification has allowed third party motor insurance premium dues falling during the period of national lockdown between March 25 and April 14, to be paid on or before April 21 for the renewal of policy without any penalty. The (delayed) payment will also 'ensure continuity of the statutory motor vehicle third party insurance cover from the date on which the policy falls due for renewal,' department of financial services said in a notification dated April 1. The government has provided the same deferred payment option to health insurance policy holders too who had to pay renewal premium during the period of the lockdown. The changes have been made in view of the prevailing situation in the country coronavirus disease and consequent 21-day national lockdown. The latest changes in compliance measures for insurance customers had come after finance ministry allowed similar deferral in performance of statutory duty in respect of <keyword id="45697" type="COMPANY" weightage="20" keywordseo="Direct-Tax">direct tax</keyword> and indirect tax last week. --IANS sn/skp/

India delays motor, health insurance premium due dates amid lockdown

New Delhi, Apr 22 () Irdai has allowed insurers to collect health insurance premiums in instalments for products they deem appropriate, in view of the prevailing conditions due to COVID-19 outbreak, which has adversely affected economic activities. In September last year, the Insurance Regulatory and Development Authority of India (Irdai) had permitted insurers to add premium payment options (frequency/payment of premiums in instalment) in individual health insurance products on certification basis. "In view of prevailing conditions owing to COVID-19 outbreak, considering the need for easing the payment of health insurance premiums, all the insurers are allowed to collect health insurance premiums in instalments...as they may deem appropriate for any specific product(s)," Irdai said in a circular. It further said "there shall be no change" in basic premium table and charging structure under the approved individual product to which new premium payment mode (frequency) is being added. The premium payment frequency could be monthly, quarterly or half-yearly. Further, insurers will have to ensure that "the resulting premium amounts under each mode (frequency) are consistent with premium amounts under other premium modes (frequencies) of the underlying product", it added. Irdai also said that the premium instalment facility may be offered either as a permanent feature by duly complying with the norms or as a temporary relief for a period of 12 months (one policy year) in respect of all the health insurance policies that are due for renewal up to March 31, 2021. Towards this, Irdai has relaxed the norms under 'Guidelines on filing of minor modifications in the approved individual insurance products offered by general and stand alone health insurers on certification basis', that mandate a gap of at least 12 months for effecting minor modifications. The regulator has also asked insurers to publish on their website the names of the products that are offered the facility of payment of premiums in instalments. NKD RVK

COVID-19: Irdai allows insurers to collect health insurance premiums in instalments

Mumbai, Jan 21 () Despite low penetration, the ongoing economic slowdown will impact insurance premium collections over the next two to three years, global ratings agency Moody's Investors Service said on Tuesday.
 The total insurance premium collected slowed down marginally for the year-ended March 2019, while the dip in growth was much sharper for general insurance, it said in a report.
 The report comes at a time when India's GDP growth is estimated to have slowed down to a decadal low of 5 per cent in 2019-20 as per official estimates. 
 The International Monetary Fund has pegged the number at 4.8 per cent and expects it to pull down global growth as well.
 "We expect India's more moderate economic expansion to result in slower (re)insurance premium growth over the next 2-3 years," the rating agency said in its report.
 Total insurance premium grew 11.3 per cent in 2018-19 as against 11.5 per cent in the year-ago period due to a slowdown in economic growth, while the same for general insurance, which amounts for a fourth of the overall industry, was sharper at 12.5 per cent from 17.6 per cent a year before, it said.
 The agency, however, said that low penetration points to further growth penetration in the Indian market from a long term perspective.
 As the middle class expands, there will be a greater scope for insurance companies, it said, pointing out that the penetration stood at 3.7 per cent in 2018, which is low as compared to developed markets such as UK at 10.6 per cent and the US at 7.1 per cent.
 Health premiums in particular are likely to continue to increase as a result of the launch of Ayushman Bharat or National Health Protection Mission in September 2018, which aims to give a cover of Rs 5 lakh for 100 million families, it said.
 Moody's, however, said that the approach adopted by a majority 23 states is "less favourable" to insurers than the alternative insurance model, where government funds are paid to insurers in the form of premiums.
 Insurers may nonetheless be involved in trust funds as India's states have the option of a hybrid model in which insurance protection is purchased for claims in excess of given limits, it added.
 The agency also noted that the changes in foreign ownership caps are credit positive for the sector and added that new reinsurance regulations will benefit non-life insurers. AA RVK

Economic slowdown to hit insurance premium collections: Moody's

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Benoist SEBIRE/GettyAn insurance premium is akin to a monthly bill.</div></div></div><ul class="summary-list"><li>An insurance premium is the monthly or annual payment you make to an insurance company to keep your policy active.</li><li>Premiums are required for every type of insurance, including <a href="https://www.businessinsider.com/how-to-get-health-insurance-cobra-medicaid-marketplace">health</a>, disability, auto, <a href="https://www.businessinsider.com/lemonade-renters-insurance-coverage-sign-up">renters</a>, homeowners, and <a href="https://www.businessinsider.com/category/life-insurance">life</a>.</li><li>Though it's different for each type of insurance, the cost of your premium is usually based on a few different factors, including your age, location, type of coverage, and past insurance claims.</li><li>Generally, the more risk you pose to the insurance company, the higher your premium will be.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>In order to keep your car, home, apartment, or health insured, you need to pay your monthly premium. An insurance premium is a monthly or annual payment made to an insurance company that keeps your policy active. Health insurance, life insurance, auto insurance, disability insurance, homeowners insurance, and renters insurance all require the policyholder to pay a premium to continue receiving coverage.Unless you're buying <a href="https://www.businessinsider.com/what-is-term-life-insurance">term life insurance</a>, which locks in a monthly rate for the full policy term, your premium amount usually isn't set in stone. Most policies last for six months or a year, at which point the insurance company will reevaluate your risk and may change your rate. While some factors that determine your premium are within your control, including the number of claims you file, many factors - like your age and location - are not. During the underwriting process, the insurance company will evaluate your current risk and set a premium amount and the policy will be activated upon your first payment.<h3>Car insurance premiums</h3><a href="https://www.policygenius.com/auto-insurance/what-is-a-car-insurance-premium/">Car insurance premiums</a> are incredibly variable. In addition to being determined by your age, driving history, and location, your premium can go up or down if you're involved in any car accidents or are cited for any traffic violations, like speeding, according to insurance-comparison site Policygenius.A typical policy period for car insurance lasts either six months or a year. The premium amount listed on your agreement with the insurer may reflect the total for the coverage period, even though you'll be making monthly payments. When the policy period is up, the insurer will reevaluate your driving record and other factors and may set a new premium.<a href="https://allstate.7eer.net/c/196318/593848/4685?subId1=bipfi_insurance-premiums">For every six months of accident-free driving, you can earn a check from Allstate Auto »</a><h2>Life insurance premiums</h2>As previously mentioned, <a href="https://www.businessinsider.com/how-much-is-life-insurance">term life insurance premiums</a> are locked in when the policy is signed. How much you pay is based on how much coverage you want, the type of policy you get, and how much risk you pose. Your risk is mostly determined by age, weight, nicotine use, driving history, health history, and your job. Your current health is evaluated during the medical exam, which will typically require blood and urine tests. The average person can expect to pay <a href="https://www.policygenius.com/life-insurance/life-insurance-cost/">between $300 to $400 a year</a> for life insurance, according to Policygenius, but it really depends on your situation.<a href="https://policygenius.go2cloud.org/aff_c?offer_id=110&amp;aff_id=1592&amp;redirect_slug=businessinsider-life">Compare life insurance policies to find the best fit for you with Policygenius »</a><h3>Health insurance premiums</h3>When it comes to <a href="https://www.businessinsider.com/how-to-get-health-insurance-cobra-medicaid-marketplace">health insurance</a>, your monthly premium isn't the only payment you have to make for health coverage. In fact, usually the lower your premium, the more you'll have to pay out-of-pocket for doctor's visits, prescriptions, and other medical costs. Health insurance policies are renewed on an annual basis, so your premium can change from year to year.<h3>Homeowners insurance premiums</h3>Premiums for homeowners insurance are fairly straightforward, although they're often determined by several factors outside of the homeowner's control. According to Policygenius, <a href="https://www.policygenius.com/homeowners-insurance/homeowners-insurance-premiums/">an insurer will consider</a> your home's location, as well as the size, age, and build of the home. Houses in wildfire, tornado, or hurricane prone areas will almost always command higher insurance premiums. There's another factor that goes into homeowners insurance premiums called your <a href="https://www.policygenius.com/homeowners-insurance/homeowners-insurance-premiums/">insurance score</a>, which you do have some control over. The insurance score represents how likely you are to file a claim based on your <a href="https://www.businessinsider.com/what-is-a-good-credit-score">credit score</a>, claims history, and whether your home is outfitted with safety precautions like fire alarms, security systems, or weather protections, explains Policygenius.<a href="https://policygenius.go2cloud.org/aff_c?offer_id=120&amp;aff_id=1592&amp;redirect_slug=businessinsider-homeowners">Compare homeowners insurance policies to find the best fit for you with Policygenius »</a><h3>Renters insurance premiums</h3><a href="https://www.businessinsider.com/how-much-is-renters-insurance">Renters insurance</a> is by and large the most affordable type of insurance. Your premium is based on your coverage amount; your deductible, or what you are willing to pay out-of-pocket before insurance kicks in; your credit score; your location; and the value of the stuff you want to protect.Most people pay between $15 and $20 a month for coverage amounts into the six figures, according to Policygenius.<a href="https://policygenius.go2cloud.org/aff_c?offer_id=70&amp;aff_id=1592&amp;redirect_slug=businessinsider-renters">Compare renters insurance policies to find the best fit for you with Policygenius »</a><h3>Disability insurance premiums</h3><a href="https://www.policygenius.com/disability-insurance/learn/how-much-does-long-term-disability-insurance-cost/">Disability insurance</a> is income protection to cover the chance you'll experience a disability that keeps you from work longer than 90 days, according to Policygenius. The premium for long-term disability insurance can be anywhere from 1% to 3% of your salary, starting around $25 a month and topping out around $500 a month.Age, location, occupation, coverage amount, benefit period, waiting period, and health all contribute to the premium.<a href="https://policygenius.go2cloud.org/aff_c?offer_id=114&amp;aff_id=1592&amp;redirect_slug=businessinsider-disability">Compare disability insurance policies to find the best fit for you with Policygenius »</a><div><div id="piano-inline-content-wrapper" data-piano-inline-content-wrapper=""><h3>Related coverage from <a href="https://www.businessinsider.com/category/personal-finance-how-to">How to Do Everything: Money</a>:</h3><ul><li><h3><a href="https://www.businessinsider.com/how-to-get-cheap-life-insurance-policygenius-2019-6">How to get cheap life insurance</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-much-life-insurance-do-i-need">How much life insurance do I need?</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-get-health-insurance-cobra-medicaid-marketplace">How to get health insurance</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-much-is-renters-insurance">How much is renters insurance?</a></h3></li></ul></div></div>Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/stewart-butterfield-advice-for-millenials-2015-7">Stewart Butterfield, co-founder of Slack and Flickr, says 2 beliefs have brought him the greatest success in life</a></h3> <div> </div> </div>

Every type of insurance has a monthly payment called a premium, and how much you pay depends on how risky you are

The <keyword id="22902068" type="General" weightage="100" keywordseo="health-insurance-sector" source="keywords">health insurance sector</keyword> may face challenges in the coming months, due to <keyword id="20617555" type="General" weightage="20" keywordseo="rising-claims" source="keywords">rising claims</keyword> and increased competition, particularly in the retail sector, highlighted a report by <keyword id="19905137" type="General" weightage="20" keywordseo="Jefferies" source="keywords" meta.keywordsubtype="org" meta.entityname="Jefferies" meta.hostid="153" meta.entityid="Jefferies">Jefferies</keyword>. "Health (approx. 35% of mix) can see pressure in its retail segment from rising claims frequency and elevated competition" the report stated. The report indicated that <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="22461357" type="General" weightage="20" keywordseo="non-life-insurance" source="keywords">non-life insurance</keyword> sector is experiencing significant shifts, the health insurance segment may face challenges as healthcare costs continue to rise and more consumers claim their insurance, and insurers are grappling with increased payouts. This trend could squeeze margins and put pressure on insurers to find ways to manage costs while remaining competitive in the market. However, for the <keyword id="20224622" type="General" weightage="20" keywordseo="motor-insurance" source="keywords">motor insurance</keyword> segment, the report draws a promising picture and added that it is entering a promising multi-year upcycle. This positive momentum is expected to benefit large private insurers of the motor segment, who are well-positioned to capitalize on these trends. "Initiate on Non-Life Insurers Large private insurers are set to gain from multi-year upcycle in motor (approx. 35% of premium mix) led by <keyword id="21232881" type="General" weightage="20" keywordseo="premiumization" source="keywords">premiumization</keyword> of underlying auto mix and moderating competitive intensity" the report mentioned. The report also added that the motor insurance segment in India is estimated to grow at a compound annual growth rate (CAGR) of 14% over the financial years 2024 to 2027. The key driver behind this growth is the ongoing shift in the automobile market towards higher-value vehicles. Over the past three years, the average selling price (ASP) of passenger vehicles (PVs) has increased by 41%, reflecting a move towards premium segments. This trend is expected to continue, benefiting motor insurance renewals, which account for 60-70% of the motor insurance premium mix. "Motor segment amidst a multi-year upcycle (est. 14% CAGR over FY24-27E) as renewals (60-70% of premium mix) will continue to benefit from the underlying change in auto mix towards premium high-value segments" the report added. Despite these challenges, the report mentioned that the broader non-life insurance market in India remains significantly underpenetrated, with insurance premiums representing only about 1% of the country's <keyword id="19904293" type="General" weightage="20" keywordseo="GDP" source="keywords">GDP</keyword>. This is relatively low compared to global peers, where non-life insurance to GDP ratios range between 2% and 4%. However, the Indian non-life insurance market has shown steady growth, with gross premiums expanding at a CAGR of 12% over the past five years, reaching Rs 2.8 trillion (approximately $35 billion). Notably, the private sector has outpaced the overall market. "India remains an under-penetrated market with non-life insurance to GDP at approx. 1% (vs 2-4% for global peers). Gross premiums have expanded at 12% CAGR over the last 5 years to Rs 2.8tn (approx. $35bn) with the private sector growing faster at 15% CAGR and improving its market share to 68%(from 57%)" said Jefferies in the report. Despite these challenges, the overall insurance market in India remains underpenetrated, offering significant long-term growth potential for insurers who can navigate these dynamics effectively.

You Searched For "insurance premium" and got 7 results

GST Council to deliberate on taxation of insurance premium, report on online gaming tomorrow

PTI

Here’s how you can ensure financial stability of your family

BI India Bureau

India delays motor, health insurance premium due dates amid lockdown

IANS

COVID-19: Irdai allows insurers to collect health insurance premiums in instalments

PTI

Economic slowdown to hit insurance premium collections: Moody's

PTI

Every type of insurance has a monthly payment called a premium, and how much you pay depends on how risky you are

Tanza Loudenback

Rising claims pose challenge for health insurance sector in India, says Jefferies

ANI

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