Renewal premiums will also be exempt from GST: Kotak Life MD
Mahesh Balasubramanian, Managing Director of Kotak Life Insurance, welcomed the GST exemption on individual life insurance. While talking about premium collected from renewals, he said, "Our understanding is that renewal premiums are also exempt from GST from September 22 onwards." Individual companies may adjust rates, but an industry-wide premium hike in the near term is unlikely, he added.