18 percent GST on life and medical insurance premiums: GIEAIA opposes the decision; announce to launch pan India agitation

18 percent GST on life and medical insurance premiums: GIEAIA opposes the decision; announce to launch pan India agitation

Kanwar Inder Singh/ royalpatiala.in News/ August 5,2024

“The General Insurance Employees All India Association vehemently opposes the 18% GST on life and medical insurance premiums and demands its immediate withdrawal. Additionally, the association demands the filling of over 20,000 vacancies in Public Sector General Insurance Companies, as inadequate staffing has led to suffering within these companies” said Trilok Singh general secretary General Insurance Employees’ All India Association (GIEAIA)

“We further demand the merger of these Public Sector General Insurance Companies (PSGICs) into a single, monolithic entity to eliminate inter-company competition within the public sector, enabling them to perform better and fulfill all social obligations and government policies, such as Pradhan Mantri Fasal Bima Yojana, Rashtriya Swasthya Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana, and various other social schemes” said Darshan Kumar Wadhwa, secretary general, General Insurance Employees’ All India Association (GIEAIA), Class-I

18 percent GST on life and medical insurance premiums: GIEAIA opposes the decision; announce to launch pan India agitation. “GIEAIA is firmly of the opinion that if our legitimate demands are not met, GIEAIA, along with like-minded associations, will be forced to launch an agitational program throughout the country.” added Trilok Singh.

Earlier various opposition party leaders too have raised their voice against the extra burden put on to consumers by imposing heavy GST.  In her letter, Mamata said the “highly anti-people” imposition of GST on insurance premium increases the financial burden on common people and this is acting as a deterrent on many individuals from taking new policies or continuing their existing insurance coverage, leaving them vulnerable to unforeseen financial distress.

In Lok Sabha, Bandyopadhyay also urged the government to withdraw the 18% GST on life and health insurance premiums. “This GST is anti-people, it is adversely affecting the people of India. This proposal should be rolled back,” he said. Trinamool and DMK MPs walked out of the House, alleging that there was no clarification from the government over the issue.