New Delhi: The Secretary, Department of Financial Services (DFS), M. Nagaraju chaired a meeting with senior officials of DFS, IRDAI, CMDs of public sector insurance companies, CEOs of leading private insurers, and representatives from the Life Insurance and General Insurance Councils in New Delhi on September 15, 2025.
The meeting followed the GST Council’s decision in its 56th session on September 3, 2025, to exempt GST on all individual life and health insurance policies.
Ensuring GST Relief Reaches Policyholders
During the meeting, the Secretary emphasized that insurers must ensure the complete transfer of benefits from the GST exemption to both existing and new policyholders. He directed insurance companies to proactively run awareness campaigns to highlight the reforms and their impact in making insurance more affordable and accessible.
This step is expected to expand insurance coverage, strengthen financial security, and improve penetration across the country.
Key Industry Participants
The meeting witnessed participation from prominent leaders, including:
- Swaminathan S. Iyer, Whole-time Member (Life), IRDAI
- R. Doraiswamy, CEO & MD, Life Insurance Corporation of India (LIC)
- Ms. Girija Subramanian, CMD, New India Assurance Company
- Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance Company Limited
- Senior representatives from ICICI Lombard and Aditya Birla Sun Life Insurance
And other major insurance companies
About DFS
The Department of Financial Services (DFS), under the Ministry of Finance, oversees the functioning of banks, insurance companies, and financial institutions. It plays a key role in implementing reforms to enhance financial inclusion, improve policyholder protection, and strengthen India’s financial ecosystem.
Also Read: DFS Organises PSB Manthan 2025 to Chart Future Roadmap for Public Sector Banks
