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HDFC Life Insurance Company Ltd will implement the new Goods and Services Tax (GST) structure for all individual insurance products from September 22, 2025.
The move follows the Government of India’s announcement reducing GST on term life, ULIPs, endowment, family floater health, and senior citizen plans, including reinsurance linked to these policies.
The company expects the reform to gradually spur demand, improve persistency, and be accretive to its Value of New Business (VNB), while estimating a non-material impact of under 0.5% on Embedded Value (EV).
HDFC Life reiterated its aspiration to double its VNB over the next 4
–4.5 years.
Also Read: CNBC-TV18 Newsbreak Confirmed: Centre slashes GST on medicines, devices, insurance
“This structural reform is positive for the sector, enhancing penetration and supporting long-term growth in line with our vision of ‘Insurance for All by 2047’,” the company said.
Ahead of this announcement, HDFC Life shares closed at ₹754.55 on the NSE, down 2.82% or ₹21.90.
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