Heading 9971 or Heading 9991
Services – Exemption from GST
GST
Services of life insurance business provided under following schemes-
(a) Janashree Bima Yojana;
(b) Aam Aadmi Bima Yojana;
(c) Life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum amount of cover of 21[two lakhs] rupees;
(d) Varishtha Pension BimaYojana;
(e) Pradhan Mantri Jeevan JyotiBimaYojana;
(f) Pradhan Mantri Jan DhanYogana;
(g) Pradhan Mantri Vaya Vandan Yojana.
Definition
(zm) “life insurance business” has the same meaning as assigned to it in clause (11) of section 2 of the Insurance Act, 1938 (4 of 1938);
(zn) “life micro-insurance product” shall have the same meaning as assigned to it
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