<h1>Ministers Back Zero GST on Individual Life and Health Insurance Premiums; Council To Decide Amid Big Fiscal Impact</h1> Federal and state ministers favoured a central proposal to exempt GST on individual life and health insurance premiums, reducing the current 18% levy to nil, with ministerial panels to report to the GST Council which will take the final decision. The reform package under consideration would rationalise slabs (proposing mainly 5% and 18% rates and a special 40% rate on certain items) and is projected to cost the exchequer materially while boosting consumption; estimates cited include an annual insurance revenue loss near Rs 9,700 crore and a broader fiscal impact around Rs 85,000 crore. The compensation cess ends when pandemic-era loans are repaid on Oct 30, 2025, raising state revenue concerns and prompting calls for mechanisms to ensure tax relief benefits reach policyholders.