Mumbai, September 4 (Kiran News): Insurance sector stocks gained on Thursday after Finance Minister Nirmala Sitharaman announced a complete exemption of Goods and Services Tax (GST) on individual health and life insurance policies.
The exemption covers all categories, including term life, ULIP, and endowment policies, along with reinsurance. The move is aimed at making insurance more affordable for the public and expanding coverage across the country.
Following the announcement, major insurance stocks traded higher on the BSE:
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Life Insurance Corporation of India (LIC) rose 1.66% to ₹885.10, up by ₹14.45 from its previous close of ₹870.65. The stock opened at ₹914.95 and touched a high of ₹914.95 and a low of ₹883.35.
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ICICI Prudential Life Insurance gained 1.50% to ₹618.30, up by ₹9.15 from its previous close of ₹609.15. The scrip opened at ₹643.90 and moved between a high of ₹643.90 and a low of ₹611.55.
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HDFC Life Insurance was up 0.57% at ₹781.30, adding ₹4.45 from its last close of ₹776.85. The stock opened at ₹814.95 and recorded a high of ₹814.95 and a low of ₹774.30.
Analysts believe the tax exemption could provide a boost to insurance penetration in India and support long-term growth in the sector.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.