--- title: "Insurance Claim Services | Professional Insurance Claim Solutions" description: "Expert insurance claim services covering compliant, reliable, and high-quality solutions tailored to your needs. SAC Code 997162." canonical: "https://busy.in/sac-code-997162/" --- # Insurance Claim under SAC Code 997162 Part of [SAC 9971: Financial & related services](https://busy.in/sac-code-9971/). Insurance claim services focus on claim handling, claims adjustment and loss assessment for insured events. Specialists validate claims, assess damage, check policy terms and help insurers decide fair settlement amounts. Under GST, such insurance claim services are classified under SAC 997162. This SAC code and its GST rate decide how GST applies on claims adjustment fees, loss assessment services and other claim related charges raised on insurers or policyholders. ## 997162 SAC Code GST rate Transaction processing, financial support, insurance advisory, claims handling and actuarial services under these SAC codes are treated as financial services under GST. The taxable value normally includes processing fees, support charges, advisory retainers, commission on services and professional consulting fees received from clients, while pure statutory levies or reimbursed government charges at actuals may be kept outside the value if conditions are satisfied. After the September 2025 rationalisation, most taxable financial service components that are not specifically exempt are generally placed in the 18% slab with input tax credit for eligible registered clients. Where special notifications or valuation rules apply to particular insurance or forex segments, those must be reviewed before finalising the GST position on each fee component. **The table below outlines the current GST approach for SAC code 997162, covering the typical 18% slab for insurance claim and loss assessment services and any specified exceptions.** | SAC code | Description | New GST rate (from 22 Sep 2025) | Old GST rate (till 21 Sep 2025) | Notes | | --- | --- | --- | --- | --- | | 997162 | Insurance claims adjustment services | 18% with ITC | 18% with ITC | Treated as auxiliary insurance services with a standard 18% rate in financial services rate schedules. No specific mention of a changed slab for these services in the recent GST reforms. | Service providers using this SAC code should show service value, GST rate in % and GST amount clearly on tax invoices or statements. The same SAC and rate should be reflected in GSTR 1 and GSTR 3B so that clients can book expenses correctly, claim input tax credit where eligible and stay comfortable during GST assessments or audits. ## Practical classification guidance Banks, NBFCs, insurers, brokers and consulting firms should choose the SAC that best reflects their main activity, such as transaction processing, financial support, insurance advisory, claims services or actuarial work. Using the correct SAC and GST rate in % improves transparency, supports proper input tax credit and reduces the chance of classification disputes during GST scrutiny. ## Conclusion Insurance claim services under SAC 997162 include claims adjustment and loss assessment work done for insurers and policyholders. Professional fees for these services are usually taxed at 18% with input tax credit for registered clients. Experts should use SAC 997162 on invoices, apply the proper GST rate in %, separate GST amounts and keep GSTR 1 and GSTR 3B consistent so that compliance stays smooth. ## Frequently asked questions ### What does SAC code 997162 cover in GST? SAC 997162 covers insurance claims handling, survey, inspection and loss assessment services. It applies to independent surveyors, loss assessors and claims support entities who inspect damaged property, evaluate loss, prepare reports and assist insurers in settling claims under various insurance policies. ### Does SAC 997162 include claims adjustment, survey and loss assessment services? Yes. Site inspections after accidents, fire, marine loss or other insured events, along with detailed loss assessment and claim documentation, are included under SAC 997162. These services help insurers decide claim amounts and prevent fraud, but the surveyors themselves do not issue insurance policies. ### What GST rate applies to claim processing fees under SAC 997162? Fees charged for claim surveys, loss assessments and related claim handling support under SAC 997162 are generally taxable at 18%. GST is applied on professional charges billed to insurers or insured parties, depending on contract terms. The claim amount paid to the insured is not subject to GST. ### Should independent surveyors and TPAs use SAC 997162? Yes. Independent surveyors, third party administrators for certain insurance lines, and firms that handle claim verification and assessment should invoice their professional fees under SAC 997162. This keeps classification clear and allows insurers and other recipients to treat such expenses correctly for GST and ITC purposes. ### Can insurers claim ITC on GST paid for SAC 997162 services? Insurers can usually claim ITC on GST paid for claim assessment and survey services, as these are input services directly linked to their taxable insurance business. They should keep detailed records of survey invoices, link them to claim files and ensure compliance with sector specific GST rules. ## Explore more ### Other SAC services under 9971 - [997111: Central Banking](https://busy.in/sac-code-997111/) - [997112: Deposit](https://busy.in/sac-code-997112/) - [997113: Credit Granting](https://busy.in/sac-code-997113/) - [997114: Equipment Leasing](https://busy.in/sac-code-997114/) - [997119: Financial](https://busy.in/sac-code-997119/) - [997120: Investment Banking](https://busy.in/sac-code-997120/) - [997131: Pension](https://busy.in/sac-code-997131/) - [997132: Life Insurance](https://busy.in/sac-code-997132/) - [997133: Accident Insurance](https://busy.in/sac-code-997133/) - [997134: Motor Insurance](https://busy.in/sac-code-997134/) - [997135: Transport Insurance](https://busy.in/sac-code-997135/) - [997136: Freight Insurance](https://busy.in/sac-code-997136/) - [997137: Property Insurance](https://busy.in/sac-code-997137/) - [997139: Non Life Insurance](https://busy.in/sac-code-997139/) - [997141: Life Reinsurance](https://busy.in/sac-code-997141/) - [997142: Accident Reinsurance](https://busy.in/sac-code-997142/) - [997143: Motor Reinsurance](https://busy.in/sac-code-997143/) - [997144: Marine Reinsurance](https://busy.in/sac-code-997144/) - [997145: Cargo Insurance](https://busy.in/sac-code-997145/) - [997146: Commercial Property Insurance](https://busy.in/sac-code-997146/) - [997149: Non Life Reinsurance](https://busy.in/sac-code-997149/) - [997151: M&A Advisory](https://busy.in/sac-code-997151/) - [997152: Stock Brokerage](https://busy.in/sac-code-997152/) - [997153: Portfolio Management](https://busy.in/sac-code-997153/) - [997154: Custody](https://busy.in/sac-code-997154/) - [997155: Financial Market](https://busy.in/sac-code-997155/) - [997156: Financial Consulting](https://busy.in/sac-code-997156/) - [997157: Foreign Exchange](https://busy.in/sac-code-997157/) - [997158: Transaction Processing](https://busy.in/sac-code-997158/) - [997159: Financial Support](https://busy.in/sac-code-997159/) - [997161: Insurance Advisory](https://busy.in/sac-code-997161/) - [997163: Actuarial](https://busy.in/sac-code-997163/) - [997164: Pension Fund Management](https://busy.in/sac-code-997164/) - [997169: Insurance Support](https://busy.in/sac-code-997169/) - [997171: Holding Company](https://busy.in/sac-code-997171/) - [997172: Trust Fund Management](https://busy.in/sac-code-997172/) ### All SAC headings - [99: All Services Accounting](https://busy.in/sac-code-99/) - [9954: Services in building & construction](https://busy.in/sac-code-9954/) - [9961: Services in wholesale trade](https://busy.in/sac-code-9961/) - [9962: Services in retail trade](https://busy.in/sac-code-9962/) - [9963: Accommodation, food & beverage services](https://busy.in/sac-code-9963/) - [9964: Passenger transport services](https://busy.in/sac-code-9964/) - [9965: Goods transport services](https://busy.in/sac-code-9965/) - [9966: Rental services of transport vehicles](https://busy.in/sac-code-9966/) - [9967: Supporting services in transport](https://busy.in/sac-code-9967/) - [9968: Postal & courier services](https://busy.in/sac-code-9968/) - [9969: Electricity, gas & water supply services](https://busy.in/sac-code-9969/) - [9971: Financial & related services](https://busy.in/sac-code-9971/) - [9972: Real estate services](https://busy.in/sac-code-9972/) - [9973: Leasing or rental services](https://busy.in/sac-code-9973/) - [9981: Research & development services](https://busy.in/sac-code-9981/) - [9982: Legal & accounting services](https://busy.in/sac-code-9982/) - [9983: Professional, technical & business services](https://busy.in/sac-code-9983/) - [9984: Telecommunications & broadcasting supply services](https://busy.in/sac-code-9984/) - [9985: Support services to business](https://busy.in/sac-code-9985/) - [9986: Support services to agriculture, hunting, forestry & more](https://busy.in/sac-code-9986/) - [9987: Maintenance, repair & installation services](https://busy.in/sac-code-9987/) - [9988: Manufacturing services on physical inputs](https://busy.in/sac-code-9988/) - [9989: Services in publishing, printing & bookbinding](https://busy.in/sac-code-9989/) - [9991: Public administration & other services](https://busy.in/sac-code-9991/) - [9992: Education services](https://busy.in/sac-code-9992/) - [9993: Human health & social care services](https://busy.in/sac-code-9993/) - [9994: Sewage & waste collection](https://busy.in/sac-code-9994/) - [9995: Services of membership organizations](https://busy.in/sac-code-9995/) - [9996: Recreational, cultural & sporting services](https://busy.in/sac-code-9996/) - [9997: Other Services](https://busy.in/sac-code-9997/)