THANJAVUR: Thanjavur MP SS Palanimanickam on Sunday said he would write to the Union Finance Minister seeking withdrawal of GST levied on the premium amount of life insurance policies.
He gave this assurance to the office bearers of the All India Insurance Employees Association (AIIEA). Office bearers of the association said that savings as insurance premium by public formed the basis of investment in the infrastructure development activities.
Hence levying 18 per cent GST on premium would endanger the fund flow for the many development activities concerned. They further pointed out levying of GST on premium amounts to penalising those who seek to buy social security on their own when the Government failed to ensure social security.