GST is payable on Life Insurance plans?

GST is applicable on all insurance plans. 

First year GST is 4.5% of the premium. 

Next year onwards it comes down to 2.25%. 

GST is 1.8% in case is single premium plans like 

Single premium endowment plans

Jeevan Ashanti 

Jeevan Akshay VII 

Bima Bachat. 

No GST PLANS

Pradhan Mantri Vaya Vandana plan