SBI Life, HDFC Life shares trade 3% lower as GST cut on insurance premiums postponed

SBI Life shares dropped by 3.3%, reaching Rs 1,839.50, while HDFC Life experienced a 3% decline to Rs 714.20. Star Health and Allied Insurance Company also saw a 1.4% decrease, hitting a day’s low of Rs 618 The 54th GST Council meeting was anticipated to offer relief to individuals and senior citizens by addressing the Goods and Services Tax (GST) rate on health insurance premiums. Currently, health and life insurance policies are taxed at an 18% GST rate.

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