365telugu.com online news,Mumbai, October 24th, 2025:ICICI Prudential Life Insurance has announced that it will fully pass on the Goods and Services Tax (GST) exemption benefit to its customers, significantly reducing the cost of life insurance plans, including term insurance. This move makes financial protection more affordable and accessible for Indian families.
Term insurance plays a critical role in financial planning by providing income replacement to families in the event of the untimely demise of the primary earner, ensuring their financial goals remain achievable.
Following recent government reforms exempting all insurance policies from GST, customers no longer need to pay the previous 18% GST on premiums. For example, a ₹100 premium that previously cost ₹118 (including GST) now costs only ₹100, offering substantial savings on life insurance products.
This change translates into tangible benefits for policyholders. A 30-year-old male non-smoker purchasing a ₹1 crore term plan for 30 years will now pay ₹699 per month, down from ₹825. Similarly, a 30-year-old female non-smoker will pay ₹594 per month, reduced from ₹697.
Mr. Vikas Gupta, Chief Product Officer, ICICI Prudential Life Insurance Co. Ltd., stated: “At ICICI Prudential Life Insurance, our commitment is to prioritize customer welfare. By passing on the full GST exemption benefit, we are enhancing affordability and trust, making quality insurance accessible to all.
This initiative supports our mission to bridge the protection gap and encourage more Indians to secure their financial future.”
This step reinforces ICICI Prudential Life Insurance’s dedication to making financial protection a reality for every Indian household while contributing to the national goal of increasing insurance penetration across the country.