Quote by
Anand Roy, Star Health and Allied Insurance on the recent development.
Star Health Insurance
"The Government's decision to exempt health and life insurance premiums
from GST marks a pivotal shift for the industry. This reform will reshape the
insurance landscape, accelerating penetration, driving higher renewal rates,
building deeper customer loyalty and a critical catalyst for future growth.
This sets the stage for an era of enhanced insurance penetration which has
remained critically low, making coverage more affordable and accessible, and
bringing us closer to the IRDAI's vision of ‘Insurance for All by 2047.’ This
is a significant step that will build greater trust in the system and support
the sector’s long-term growth. From a business perspective, it strengthens the
foundation for continued expansion and ensures a more sustainable future for
the industry."
Reliance General Insurance:
Quote on behalf of Rakesh Jain, CEO, Reliance General Insurance:
The GST Council’s decision to exempt health insurance premiums while
allowing insurers to utilise input tax credits is a landmark step that combines
consumer benefit with industry growth. This reform will make health protection
more affordable for millions of families, senior citizens, and small businesses
who often find premiums to be a stretch. By lowering the cost of entry, it
encourages more individuals to seek coverage earlier, thereby strengthening the
risk pool and improving the long-term resilience of the insurance sector.
Insurance is not just a financial product but a safeguard for households
against rising healthcare costs and unforeseen emergencies, and this measure
will help embed it more deeply into financial planning. We view this as a
forward-looking reform that creates a win-win scenario for both consumers and
insurers, and one that will contribute meaningfully to the journey of building
a healthier and more financially secure India.
SBI General Insurance
To be
attributed to Mr. Naveen Chandra Jha, MD & CEO, SBI General Insurance
“The GST Council’s decision to
reduce tax on the healthcare sector marks a transformative step toward greater
affordability and inclusivity. At a time when India’s healthcare market is
poised for significant growth, this reform acts as a timely catalyst to
strengthen the ecosystem by addressing one of the biggest barriers to quality
healthcare affordability.
Whether it is making life-saving
drugs more accessible or lowering the cost of health insurance, the move
directly tackles a long-standing challenge and will enable millions of families
to take a crucial step toward financial and medical security.
For the health insurance sector,
this change comes at a pivotal moment. As India’s healthcare needs expand and
medical risks evolve, the importance of universal health coverage has never
been more evident. Health insurance is not merely a financial product, it is a
lifeline that protects families, supports well-being, and builds resilience
against future uncertainties.
At SBI
General Insurance, we view this reform as a strong driver in accelerating
India’s journey toward ‘Insurance for All by 2047.’ Our focus will be on
leveraging this opportunity to design affordable, accessible, and
customer-centric health insurance solutions, while expanding our reach across
rural and semi-urban India.”
