Page 25 - The Insurance Times October 2025

Conclusion rates, high renewal ratios, and strong customer retention
are not coincidences; they are the natural outcomes of a
In the intricate fabric of the insurance industry, grievance
redressal is more than a post-sale function-it is the thread customer-first grievance strategy.
that holds the entire promise together. When businesses
take out public liability insurance, they are not merely If insurance is the business of trust, then grievance redressal
is the moment that trust is tested. And when that test is
safeguarding finances; they are placing trust in a system
that is meant to stand by them when they are most met with empathy, speed, and fairness, something
vulnerable. This paper has journeyed through the historical remarkable happens: a transactional contract becomes a
evolution of liability insurance, examined the structure of lasting relationship. A liability policy becomes a growth
partner. And an insurer becomes more than a provider-it
complaints, decoded the causes, and highlighted the
becomes a protector.
immense business and financial value of resolving these
grievances promptly.
That speed and sensitivity in grievance resolution are not
We have seen, through data and real-world stories, that just best practices-they are the soul of modern insurance.
timely redressal is not just operationally efficient-it is And in getting them right, the industry doesn't just protect
transformational. It enables small businesses to survive slips, businesses-it powers them forward.
setbacks, and legal challenges without collapsing under the
weight of uncertainty. It restores working capital, renews If trust is the currency of insurance, then timely grievance
customer faith, and, above all, reinforces the dignity of the redressal is the mint that prints it.
insured. The analysis clearly shows that insurers who resolve
complaints swiftly and fairly are not only protecting clients- Reference:
they are investing in their own profitability. Low repudiation Various Sources.

GST Exemption on Individual Life and Health Insurance Comes
into Effect, Making Protection More Affordable for Indian

Families: RenewBuy

The Goods and Services Tax (GST) exemption on individual life and health insurance policies has officially come into
effect today, marking a significant step in the government’s broader rationalisation of the GST regime. The decision
is expected to immediately reduce the financial burden on consumers, enhance affordability, and improve insurance
penetration across the country.
Until now, health insurance premiums attracted 18% GST, with life insurance policies, whether term, ULIPs or
endowment, were subject to varying tax rates. The removal of GST on all individual life and health insurance policies
will directly translate into lower out-of-pocket expenses for consumers. This measure is particularly impactful for senior
citizens and middle-income families, segments that are most sensitive to premium costs.
Commenting on the development, Mr. Balachander Sekhar, Co-founder & CEO of RenewBuy, said:
“With GST now reduced to nil, the exemption on all individual life and health insurance policies will significantly bring
down costs for families, especially seniors, making insurance more affordable and accessible. Similarly, the removal of
GST on individual life insurance policies—including term life, ULIP, or endowment policies—will boost insurance
penetration, particularly among first-time buyers and middle-income families, and help the country progress towards
‘Insurance for All by 2047.’
This progressive step makes life protection and healthcare coverage more affordable and accessible for millions of
Indians. For senior citizens and vulnerable segments in particular, this exemption is a huge relief. It will encourage
greater adoption of health and life insurance products, reduce out-of-pocket expenses, and strengthen the country’s
financial safety net.
At RenewBuy, we remain committed to leveraging technology to deliver simplified, affordable, and transparent
insurance solutions to consumers, ensuring that this positive change translates into real benefits for every household.”

24 October 2025 The Insurance Times