Kathmandu. Life Insurance Corporation of India (LIC) has doubled its daily insurance premium on the first day of the abolition of the Goods and Services Tax (GST) on individual conventional life policies.
According to the Asian Insurance Post, the state-owned life insurer has earned more than Rs 1,100 crore in a single day.
Normally, the company collects up to Rs 5,000 crore monthly in insurance premiums from retail insurers.
Analysts say the earnings on the first day after the tax relief indicate a positive sentiment among insurers and a potential growth for the insurance sector. They were of the view that the removal of Goods and Services Tax (GST) on purchase of personal insurance has made traditional life insurance policies cheaper and attractive for individual customers.
