<h1>GST exemption for individual life insurance premiums spurs insurer expectation of customer benefit and industry growth.</h1> LIC reported a significant quarterly net profit increase, citing lower commission outgo, higher net premium income and improved solvency and asset quality. Despite a fall in first year premium, the company notes the Government's GST exemption for individual life insurance premiums effective September 22, has been passed on to customers and is expected to support industry growth; management emphasizes product and channel diversification, profitability focus and a reduced expense ratio.