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Revised Service Tax

Krishi Kalyan Cess is applicable on insurance premiums from 1st June 2016

The Indian Government has levied Krishi Kalyan Cess, effective 1st June 2016 in addition to the Service Tax and Swachh Bharat Cess.

The revised Service Tax rate including Swachh Bharat Cess & Krishi Kalyan Cess will be applicable on premiums for traditional plans and on all charges levied for unit linked plans as mentioned below:

Plan Type Premium Type Service Tax Swachh Bharat
Cess (SBC)
Krishi Kalyan
Cess (KKC)
Total Service
Tax + Cess
Term First Year &
14% 0.5% 0.5% 15%
Endowment First Year 3.5% 0.125% 0.125% 3.750%
Renewal 1.75% 0.0625% 0.0625% 1.875%
ULIP (All Charges) First Year &
14% 0.5% 0.5% 15%
Annuity (Single Premium) First Year 1.4% 0.05% 0.05% 1.5%
Copyright © 2016. Future Generali India Life Insurance Company Ltd. All Rights Reserved.

Tax benefits are as per Income Tax Act, 1961, and are subject to modifications made thereto from time to time. Insurance is the subject matter of the solicitation. BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS IRDAI clarifies to public that IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums.

Indiabulls Finance Centre, 6th Floor, Tower 3, Senapati Bapat Marg, Elphinstone West Mumbai, Maharashtra
400013 India IRDAI Registration No: 133. (Life Insurance Business) Validity of certificate of registration: Upto 31st March 2018. CIN:U66010MH2006PLC165288