GST relief on life, health insurance to cause Rs 2,600 crore revenue loss annually

Also, health insurance policies offering coverage up to Rs 5 lakh are also likely to get GST exemption. The proposed GST relief on term life and health insurance premiums is expected to result in an annual revenue loss of approximately Rs 2,600 crore, according to sources in the GST Council. The Council on December 21 will discuss GST exemptions for term life insurance premiums covering family mem…