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Shares of Niva Bupa Health Insurance surged 9.89 per cent to ₹90.15 at 12.23 pm on the BSE, following reports of a potential reduction in the Goods and Services Tax (GST) rate on health and life insurance policies.
According to a PTI report, Finance Minister Nirmala Sitharaman had announced on Monday that a decrease in the GST rate on insurance policies could lead to lower costs for policyholders. A Group of Ministers (GoM) had been formed to examine GST-related issues for the life and health insurance sector.
However, Niva Bupa clarified it had not received any official communication regarding a change in GST rates on health insurance premiums. The company stated its knowledge of the matter is solely based on media reports and that it could not confirm the accuracy of the reports.
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