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of <h1>Taxation Rules for Life Insurance Services: Service Tax Applies to Insurers and Policyholders per Insurance Act, 1938.</h1> The the taxation framework for life insurance services as of June 30, 2012, detailing service tax applicability and definitions. It specifies that any service provided by an insurer, including re-insurers, to policyholders is taxable. The definition of 'insurer' and 'life insurance business' is aligned with the Insurance Act, 1938, encompassing contracts on human life, including disability benefits, annuities, and superannuation allowances. A circular from August 23, 2007, supersedes previous clarifications on service tax, affecting the scope, classification, and valuation of taxable services, as well as exemptions and other related matters.
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