Question

Mr C. S. Chand took a Health insurance policy for his family. Sum insured for self and spouse is 5,00,000 each, 2,00,000 for his two children. However insurance company offered 10% discount on the total sum insured, and calculated the premium amount @ 12.5% thereafter. If the GST is @ 18% on health insurance premium, find total amount including GST he has to pay to the insurance company to buy the policy​

Answer 1

Step-by-step explanation:

Given Mr C. S. Chand took a Health insurance policy for his family. Sum insured for self and spouse is 5,00,000 each, 2,00,000 for his two children . However insurance company offered 10% discount on the total sum insured, and calculated the premium amount @ 12.5% thereafter. If the GST is @ 18% on health insurance premium, find total amount including GST he has to pay to the insurance company to buy the policy

• Given Sum insured for self and spouse is 5,00,000 and 2,00,000 for his two children.
• So it will be 2 (5,00,000 + 2,00,000)
•                = 2 x 7,00,000
•               = 14,00,000
• Now insurance company offers 10% discount on total sum insured.
• So 10% of 14,00,000 will be 10/100 x 14,00,000
•                                            = 1,40,000
• Now sum will be 14,00,000 – 1,40,000 = 12,60,000.
• The premium amount for this is 12.5%
• So 12.5 / 100 x 12,60,000
•     = 1,57,500
• Also GST is 18$ on the premium amount
• Therefore GST = 18% of 1,57,500
•                        = 18 / 100 x 1,57,500
•                       = Rs 28,350
• Therefore total amount to be paid will be Rs 28,350

Reference link will be

https://brainly.in/question/17876028

Answer 2

Step-by-step explanation:

Total insurance amt 1400000

discount 10%=140000

amount 1260000.

premium 12.5%. = 157500

gst 18%. =. 28350

total amount including gst 1,85,850