WB CM expresses her anguish over 18% GST on life & medical insurance premium

Mumbai, Aug 06: West Bengal Chief Minister, Mamata Banerjee has expressed her anguish on the imposition 18 per cent GST on life and medical insurance premiums.

In her missive to the Union finance Minister a copy of which has been seen by Bizz Buzz, Nirmala Sitharaman, the WB CM has said that the imposition 18 per cent GST on life and medical insurance premiums has increased the financial burden of the common people.

This additional burden may be acting as a deterrent for many individuals from taking new policies or continuing their existing insurance coverage, thereby leaving them vulnerable to unforeseen financial stress.

Meanwhile, the General Insurance Employees All India Association (GIEIA) has also vehemently opposed the 18 per cent GST on life and medical insurance premiums and demands its immediate withdrawal.

Additionally, the association has demanded the filling of over 20,000 vacancies in public sector general insurance companies, as inadequate staffing has led to suffering within these companies.

Talking to Bizz Buzz, Trilok Singh, General Secretary, GIEAIA says, “We further demand the merger of these 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.”

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, he added.