SBI General Cuts Premiums, Passes GST Benefits to Individuals

Mr. Naveen Chandra Jha, Managing Director and CEO of SBI General Insurance

SBI General Insurance has passed on full benefit of GST reforms to all individuals, making insurance more accessible & affordable. Accordingly, the net outgo for individual consumers has been reduced for products like Health Insurance, Personal Accident & Travel Insurance, maintaining the same policy coverage & claims servicing standards. The GST exemption applies to new policies, portability as well as migration cases enabling individual policyholders, including the first-time buyers, to benefit from lower insurance premiums across these categories. With this, we reaffirm our commitment to the government’s vision of ‘Insurance for All by 2047’.