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<h1>GST exemption for life insurance schemes covers specified social and micro insurance products under notified programmes.</h1> Services of life insurance business provided under specified social and micro insurance schemes are exempt from GST; covered schemes include Janashree Bima Yojana, Aam Aadmi Bima Yojana, life micro insurance products approved by the Insurance Regulatory and Development Authority, Varishtha Pension BimaYojana, Pradhan Mantri Jeevan Jyoti BimaYojana, Pradhan Mantri Jan Dhan Yojana and Pradhan Mantri Vaya Vandana Yojana, with statutory definitions drawn from the Insurance Act, 1938 and IRDA (Micro insurance) Regulations, 2005 and an amended monetary cap for eligible micro insurance products set by notification.