DFS Secretary held Meeting with IRDAI and MD&CEOs of Insurance Companies
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The Secretary of the Department of Financial Services (DFS), Shri M. Nagaraju, chaired a high-level meeting in New Delhi with senior officials from DFS, the Insurance Regulatory and Development Authority of India (IRDAI), heads of public sector insurance companies, CEOs of leading private life and non-life insurers, and representatives from the Life Insurance Council and General Insurance Council.
Background of the Meeting
This meeting was organised following the GST Council’s 56th Meeting held on September 3, 2025, where it was decided to exempt GST on all individual life and health insurance policies. The decision aims to reduce costs for policyholders and encourage more people to purchase insurance.
Removal of GST on life and health insurance policies, is being seen as a very remarkable step from the Government. The Government wants to provide insurance services to all the citizens and removal of GST on policies will reduce the cost of policies thereby making it more attractive.
The exemption is expected to make insurance policies cheaper, reducing the financial burden on families. It will help increase insurance penetration in India, especially among people who previously found premiums costly.
Following Discussions have been taken in the meeting
Several important discussions were held in the meeting. During the discussion, Shri M. Nagaraju emphasized on two main points:
Passing Benefits to Policyholders – Insurance companies must ensure that both existing and new policyholders receive the full benefit of the GST exemption.
Public Awareness Campaigns – Insurers should proactively run outreach and awareness programs to inform the public about these reforms, highlighting how insurance is now more affordable and accessible.
Following People attended the event
The meeting saw participation from several top industry leaders, including:
- Shri Swaminathan S. Iyer, Whole-Time Member (Life), IRDAI
- Shri R. Doraiswamy, CEO & MD, Life Insurance Corporation of India (LIC)
- Ms. Girija Subramanian, CMD, New India Assurance Company
- Shri Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance Company
- Senior representatives from ICICI Lombard, Aditya Birla Sun Life Insurance, and other major insurance firms.
