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
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Answered by
44
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
Answered by
9
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
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