GST Council likely to exempt term life insurance from tax, no change in investment-linked plans

The GST Council is expected to exempt term life insurance policies from the goods and services tax (GST) while continuing to tax insurance policies with an investment component, a decision that could boost demand for pure protection policies. The decision is likely to be formalised in the GST Council meeting on September 9, a senior government official said, requesting anonymity. “Life insur…