The GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising ministers from all states, decided to exempt health insurance premiums from the levy of goods and services tax (GST). This will be effective from September 22, 2025, the first day of Navratri.
Currently, health and term insurance products attract a GST rate of 18 per cent. As a result of the GST exemption, health and term insurance premiums are expected to become cheaper now. (Image: Canva)
With healthcare costs soaring and medical emergencies lurking around the corner, a solid health insurance plan is more than just a safety net; it’s a shield against financial ruin. Here are some essential tips to keep in mind. (Image: Canva)
Assess Your Needs: Consider your age, family size, medical history, and lifestyle to determine the right coverage. (Image: Canva)
Compare Plans: Use online comparison tools to evaluate different plans based on premium, coverage, network hospitals, and claim settlement process. (Image: Canva)
Read the Policy Document Carefully: Understand the terms, conditions, exclusions, and waiting periods. (Image: Canva)
Choose a Reputable Insurer: Research the insurer’s claim settlement ratio and customer reviews. (Image: Canva)
Consider Add-on Covers: Opt for additional coverage for critical illnesses, accidental injuries, or maternity expenses. (Image: Canva)
Regularly Review Your Policy: Update your policy as your needs and circumstances change. (Image: Canva)
