Mysuru: Demanding removal of GST (Goods and Services Tax) on Insurance Policy premiums, Life Insurance Corporation (LIC) Employees staged a demonstration in front of the main office at Millennium Circle on Mysuru-Bengaluru Road and at five other branches in city on Tuesday.

Expressing opposition to bring Insurance premiums under the GST ambit, the employees said that the 18 percent GST in Term Insurance, Health Policy and ULIP Policies was too much.

Also, the 4.5 percent GST on new Policies and single premiums and 2.25 percent on renewal premiums was not correct, the protesters said. Claiming that the GST Taxation would have an adverse impact on savings, they said that the GST on premiums would hurt the IInsurance industryhard.

They urged the Union Government to reconsider GST on Insurance premiums and come to the aid of Policy holders, who invest their hard-earned money and savings on Life Insurance Policies.

Senior Journalist Rajashekar Koti, LIC Employees Association President N. Vijaykumar, office-bearers S.S. Nagesh, M.Shankar, Sai Vikram, Srinivas and others took part.