Hyderabad: Deputy Chief Minister and Finance and Energy Minister Mallu Bhatti Vikramarka stressed the need for a system to ensure the benefits of GST exemption on life and health insurance reach customers, not just insurance companies.
Bhatti, a member of the Group of Ministers set up by the GST Council to review insurance services, attended a meeting in New Delhi. The group discussed exempting all individual life and health insurance policies, including reinsurance.
Welcoming the idea, Bhatti noted that this change could boost insurance coverage and reach more people. Although states might lose some revenue that could support other welfare programs, he highlighted that the Telangana government already provides insurance services to 95 lakh families.
