LIFE INSURANCE
Insurance is a financial product which helps us deal with unexpected events in our life like death, loss of work due to permanent disability, sudden hospitalisation and many more. On payment of a premium, the above risks are covered and you or your nominees are compensated for the same.This is generally divided into :
- Term Insurance - Term plans are the most popular right now as they only provide death benefits and do not return any amount if you outlive the policy and hence the premium amount is the cheapest, Nowadays some insurance companies have brought in a “return of premium(ROP) feature which make the plans more expensive
- Endowment Plans - These plans are also hugely popular with the Indian public as they not only give you death benefits but also return Sum Assured amount alongwith Bonus accrued during the policy period.
- Unit Linked Plans - Also known as ULIPs these plans are insurance cum investment plans and hence cover your life and also invest your money in the equity market. So returns under ULIPs are expected to be higher than endowment plans
Tax payers can claim exemption of uptil Rs1.50 lakhs from their taxable income in a FInancial Year under section 80c of the IT Act 1961.Maturity proceeds of these plans too are tax free provided the premium paid do not exceed Rs5 lakhs per individual in a year as per Budget 2023.Kindly do check with your Tax Adviser for further details
We deal with all life insurance companies like LIFE INSURANCE CORPORATION, ICICI PRUDENTIAL LIFE INSURANCE CO LTD, HDFC LIFE INSURANCE CO LTD and many many more
