New Delhi, Sept. 3 -- In a major economic boost ahead of Diwali, the GST Council on Wednesday approved rate rationalisation with a focus on common-man, labour-intensive industries, farmers and agriculture, health and other key drivers of the economy.

According to the press release by the Ministry of Finance, exemption of GST on all individual life insurance policies, whether term life, ULIP or endowment policies and reinsurance thereof, to make insurance affordable for the common man and increase the insurance coverage in the country.

Exemption of GST on all individual health insurance policies, including family floater policies and policies for senior citizens, and reinsurance thereof, to make insurance affordable for the common man an...