India, Aug. 21 -- The Centre has proposed that the GST should exempt life and health insurance policies for individuals, Bihar deputy chief minister Samrat Choudhary, who is also the convenor of insurance GoM (Group of Ministers), said on Wednesday.

The 13-member state Group of Ministers on insurance held a meeting on Wednesday.

While almost all states were in favour of the proposal, they also asked the GST Council to devise a mechanism by which the rate cut benefit reaches the people, according to a PTI news agency report.

Currently, health and life insurance premium attracts 18 per cent GST.

States have asked the GST Council to devise a mechanism by which the GST rate cut benefits are passed on to the customer, said Telangana deputy...