India, Nov. 4 -- ICICI Prudential Life Insurance has passed on the entire GST exemption benefit to its customers, in line with its commitment towards delivering the best value to its customers. Thus, making insurance plans more affordable and accessible for every Indian family. Customers earlier paid 18 per cent of the premium amount as GST, for instance, if an individual had to pay a premium '100, over and above this '18 was charged as GST.
With the GST exemption the individual now has to pay only Rs. 100. This has made life insurance products cheaper, including term insurance products. Term insurance is an essential part of any individual's financial plan. It provides a strong foundation by acting as an income replacement tool for the fa...