Two months ago, the government reduced GST rates as part of the Savings Festival. Under this initiative, premiums for Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) were exempted from GST. This benefit is currently being felt by approximately two lakh account holders in the state.
Post offices across the state have 59,000 PLI and 1.48 lakh RPLI account holders. Previously, account holders were required to pay a 4.5 percent premium tax and a 2.25 percent GST on policy renewals when depositing premiums. This tax has been completely eliminated since September, providing direct financial benefits to policyholders.
