New Delhi, Sept. 15 -- In a push to make insurance more affordable and accessible, the finance ministry has directed insurers to fully pass on the benefits of GST exemption on individual life and health policies to policyholders - both existing and prospective.

The move follows the GST Council's recent decision to scrap the 18% tax on such policies, a reform expected to boost insurance penetration across the country.

The directions came during a meeting presided over on Monday by M. Nagaraju, secretary, department of financial services (DFS), with senior officials of the department, and other top stakeholders of the insurance industry.

Those who participated in the meeting included officials of the Irdai (Insurance Regulatory and Devel...