Insurance has long been a trusted way to secure financial protection, but premiums have always carried an added burden - Goods and Services Tax (GST). From September 22, 2025, this will change. The government has exempted individual life and health insurance premiums from levy of GST, a move expected to make insurance more affordable and transparent for millions of policyholders.

This is welcome news for both existing customers paying renewals and new buyers considering fresh coverage. The cost of premiums is set to reduce, and the overall affordability of protection products improves significantly.