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SAC CODE - 997133 : Accident and health insurance services
GST RATE ON SAC CODE - 997133 IS 18%
| SAC CODE | Description |
|---|---|
| 9971 | Financial and related services |
| 99713 | Insurance and pension services (excluding reinsurance services) |
| 997133 | Accident and health insurance services |
Services Accounting Codes (SAC Codes) 997133 is used for the Accident and health insurance services under Goods and Service Tax classification. SAC (Services Accounting Code) are used for the identification of the service. This service comes under heading Financial and related services.
How Services Accounting Codes (SAC Codes) 997133 - is Derived?
A uniform format is followed to generate the Service Accounting Code.
The first two digits are 99 always for services.
The next two digits 71 represent the major nature of service, Financial and related services in this case.
The next two digits 33 represent the detailed nature of service, Accident and health insurance services in this case.
Explanation Of SAC CODE - 997133
This service codes includes:
- underwriting services of insurance policies which provide accidental death and dismemberment insurance, that is, payment in the event than an accident results in death or loss of one or more bodily members (such as hands or feet) or the sight of one or both eyes
- underwriting services of insurance policies which provide protection for hospital and medical expenses not covered by government programmes and, usually, other health-care expenses such as prescribed drugs, medical appliances, ambulance, private duty nursing, etc.
- underwriting services of insurance policies which provide protection for dental expenses
- underwriting services of insurance policies which provide periodic payments when the insured is unable to work as a result of a disability due to illness or injury
This service code does not include:
- life insurance services :- 997132
- travel insurance services :- 997136