SIBRO Update: Handling Zero GST for Insurance Premiums

What Has Changed?

• Individual Life Insurance – 0% GST (earlier 18%, 4.5%, or 2.25%).
  Includes Term Plans, Endowment Policies, and ULIPs.
• Individual Health Insurance – 0% GST (earlier 18%).
  Applies to individual, family floater, and senior citizen plans.
• Group Insurance Policies – Remain at 18% GST.
  Employer-provided health and life schemes are not exempt.
• Basic Third Party Component in Goods Carrying Commercial Vehicles – 5% (earlier 12%).
• Other General Insurance – Remain at 18% GST.
  Covers Motor, Fire, Marine, and similar policies.

While you may already know the new rules, the key is to apply them correctly in SIBRO so that bookings, installments, and reports stay accurate.

How to Implement in SIBRO

Step 1: Update Policy Master (For New Policies)

• Go to Policy Master.
• For Individual Health and Individual Life, set Default GST% = 0.00

• For Goods Carrying Commercial Vehicles, the Basic Third Party Bifurdation which had a Default GST of 12% earlier, should be updated to 5%.
• All new bookings under these categories will now default to 0.00% GST.
• Note: Already booked policies remain unchanged.

Step 2: Update Installment Pay-In Master (Life Insurance)

• Go to Settings > Templates > Installment Pay-In Master > Download Template.
• In the Excel file:
  • For relevant products, set Basic & Rider GST% = 0.
  • Re-upload the corrected template.

• If you want SIBRO Support to update your existing Life installment templates to 0%, send an email from your official ID to support@sibro.xyz. This will be done once from the backend.
• Alternatively, you can keep old templates as is and create new copies with 0% GST (rename them for clarity, e.g., Product Name (Zero GST)).

Step 3: Update Existing Life Policy Installments

From Sep 22, 2025 onwards, all Life Insurance installments should carry 0% GST.

Option A: Manual Update (Self-Service)

1. Go to Policies > Converted > Edit (via Policy Issued) > Installments.
2. Find the next installment due on or after Sep 22, 2025.
3. Change GST% = 0. Click Apply Below (all future installments updates to 0%).
4. Verify and Save.

Option B: Bulk Update (via Support)

• Email support@sibro.xyz from your official ID.
• Request GST% update to 0 for all Life Insurance installments due on or after Sep 22, 2025.
• The SIBRO team will update them from the backend as a one-time activity.

Step 4: Team Awareness & Verification

• Inform your team about the GST changes.
• Test new policy bookings to confirm 0% GST (or 5% GST) is applied.
• Verify updated installments.
• Monitor system reports to ensure accuracy.