Insurance and pension services (excluding reinsurance services)
Services Code / Classification (SAC)
GST
Scheme of Classification of Services
S.No.
Chapter, Section, Heading or Group
Service Code (Tariff)
Service Description
(1)
(2)
(3)
(4)
184
Group 99713
Insurance and pension services (excluding reinsurance services)
185
997131
pension services
186
997132
Life insurance services (excluding reinsurance services)
187
997133
Accident and health insurance services
188
997134
Motor vehicle insurance services
189
997135
Marine, aviation, and other transport insurance services
190
997136
Freight insurance services and travel insurance services
191
997137
Other property insurance services
192
997139
Other non-life insurance services (excluding reinsurance services)
Explanatory Notes:- Based on the Modifie
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ined in advance or dependent on the market value of assets supporting the plan; and, if related to employment, may or may not be portable with a change in employment. The duration of the period during which benefits are paid may be fixed in terms of a minimum or maximum; there may or may not be survivors' benefits.
This service code does not include:
– portfolio management services (except pension funds), cf.997153
– trust services, cf. 997154
– pension fund management services, cf. 997164
– pension fund administration, cf. 997169
997132 – Life insurance services (excluding reinsurance services)
This service code includes:
– underwriting services of insurance policies which provide for the payment of claims to beneficiaries contingent upon the death of the insured individual or upon the maturation of the policy. Policies may provide pure protection or may also contain a savings component. Policies may cover individuals or members of groups.
This service code does n
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rvices, cf. 997132
– travel insurance services, cf. 997136
997134 – Motor vehicle insurance services
This service codes includes:
– underwriting services of insurance policies which cover risks relating to the use of motor vehicles, including those used to transport paying passengers. Risks covered include liability and loss of or damage to the vehicle.
– freight motor vehicle insurance services
997135 – Marine, aviation, and other transport insurance services
This service code includes:
– underwriting services of insurance policies which cover risks relating to the use of commercial passenger and freight vessels, whether operating on oceans, coastal waterways or inland waterways, commercial aircraft, railway rolling stock
– satellite launching insurance services
Note: Risks covered include liability, hull damage or loss of the vessel, and loss of or damage to aircraft or railway rolling stock
This service code does not include:
– underwriting services of insuranc
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ces) and 997136 (Freight insurance services). Risks covered may include fire, theft, explosion, storm, hail, frost, natural forces, radioactive contamination and land subsidence
– underwriting services of insurance policies for non-commercial vessels and aircraft
– underwriting services of insurance policies for boilers and machinery, which covers property spoilage from lack of power, light, heat, steam or refrigeration
997139 – Other non-life insurance services (excluding reinsurance services)
This service code includes:
– underwriting services of insurance policies which cover risks of all types of liability including liability for defective products, bodily injury, property damage, pollution, malpractice, etc., other than liability covered in service code 997134 (Motor vehicle insurance services), 997135 (Marine, aviation and other transport insurance services) and 997137 (Other property insurance services)
– underwriting services of insurance policies which cover risks o
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