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Service Tax

At IDBI Federal, we endeavour to keep our customers updated on any new developments in the Insurance sector which may require their urgent attention. We wish to inform you that there is an increase in the current service tax rate as per the Finance Act, 2015. This change will be effective from June 1, 2015 (as per Notification No. 14/2015-ST dated May 19, 2015).

The revised service tax rates are as under:

Product Type Product Name Current Rate New Rate
Non-Unit Linked / Non-Endowment Plans IDBI Federal Healthsurance Hospitalisation and Surgical Plan (135N012V01)
IDBI Federal Homesurance Plan (135N002V01)
IDBI Federal iSurance Online Term Insurance Plan (135N039V01)
IDBI Federal Termsurance Life Protection Insurance Plan (Pure protection option) (135N040V01)
IDBI Federal Termsurance Premier Insurance Plan (135N019V01)
IDBI Federal Termsurance Protection Plan (Pure protection option) (135N009V01)
IDBI Federal Termsurance Sampoorn Suraksha Micro-insurance (135N037V01)
IDBI Federal Termsurance Seniors Insurance Plan (135N021V01)
12.36% 14%
Unit Linked Plans IDBI Federal Childsurance Dreambuilder Insurance Plan (135L026V01)
IDBI Federal Retiresurance Milestone Pension Plan (135L020V01)
IDBI Federal Retiresurance Pension Plan (135L008V01 & 135L008V02)
IDBI Federal Wealthsurance Dreambuilder Insurance Plan (135L022V01)
IDBI Federal Wealthsurance Foundation Plan (135L001V01 & 135L001V02)
IDBI Federal Wealthsurance Future Star Insurance Plan (135L038V01)
IDBI Federal Wealthsurance Growth Insurance Plan SP (135L034V01)
IDBI Federal Wealthsurance Growth Insurance Plan (135L036V02)
IDBI Federal Wealthsurance Maxigain Insurance Plan (135L023V01)
IDBI Federal Wealthsurance Milestone Plan (135L014V01)
IDBI Federal Wealthsurance Premier Insurance Plan (135L018V01)
IDBI Federal Wealthsurance Suvidha Growth Insurance Plan (135L033V01)
12.36% 14%
Non-Unit Linked / Endowment Plans IDBI Federal Bondsurance Advantage Insurance Plan (135N016V01)
IDBI Federal Bondsurance Plan (135N003V01)
IDBI Federal Childsurance Savings Protection Insurance Plan (135N032V01)
IDBI Federal Incomesurance Endowment and Money Back Plan (135N010V01)
IDBI Federal Incomesurance Guaranteed Money Back Insurance (135N031V01)
IDBI Federal Lifesurance Saving Insurance Plan (135N024V01)
IDBI Federal Lifesurance Suvidha Insurance Plan (135N026V01)
IDBI Federal Retiresurance Guaranteed Pension Plan (135N017V01)
IDBI Federal Termsurance Life Protection Insurance Plan (Return of Premium option) (135N040V01)
IDBI Federal Termsurance Protection Plan (Return of Premium option) (135N009V01)
IDBI Federal Whole Life Savings Insurance Plan (135N035V01)
3.09% (First Year Premium)

1.545% (Subsequent Years Premium)
3.5% (First Year Premium)

1.75% (Subsequent Years Premium)

In addition to the above, a Swachh Bharat Cess of 0.5% is applicable on the taxable value of the service with effect from Nov 15, 2015.

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