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|"Life insurance is one of the key investments that a person can make to ensure the financial security of his loved ones. Life insurance provides an umbrella to protect the insured鈥檚 family from any sort of unexpected losses. There are different types of life insurance plans for different goals:
鈥?Endownment plans where a fixed sum is received on maturity of the policy
鈥?Term insurance plan where the sum insured is paid out on death
鈥?ULIP or market linked plans to build a corpus for child education
But another advantage of life insurance is that when you buy life insurance Cheap NHL Hats China , you also get tax benefits.
What are the tax benefits of a life insurance policy?
A life insurance policy has two different tax benefits. On investing in a life insurance policy, you get a deduction under Section 80C of the Income Tax Act. This deduction is restricted to Rs. 1,50,000. However Cheap NHL Hoodies China , the precondition to availing this deduction is that the annual premium paid should not exceed 10% of the sum assured on the life insurance policy. For policies purchased before 1st April 2012, the annual premium paid should not exceed 20% of the sum assured. If the premium exceeds this percentage, then this deduction under Section 80C will not be allowed.
Another important point to consider is regarding surrender of a life insurance policy. The IRDAI has simplified rules related to surrender of life insurance policies. Life insurance policies can be surrendered at any time. However, if a ULIP is surrendered before the completion of 3 years or an endowment plan is surrendered before the completion of 2 years Cheap NHL Shirts China , this deduction will be withdrawn and the amount allowed as a deduction will be considered to be income for the year.
Any amount received on an insurance policy is exempt under Section 10(10D) of the Income Tax Act. Exempt income means this income is not considered to be a part of taxable income for the purpose of filing an Income Tax return. However, for these receipts to be considered as exempt, they need to meet the condition with regards to life insurance premium i.e the life insurance premium needs to be 10% of the sum assured. For policies taken before 1st April 2012, the number stands at 20%. If the annual premium paid out is not within this limit Cheap NHL Jerseys China , then the receipts from a life insurance policy will not be exempt. It is very important to ensure these conditions are met to avoid any problems with assessments in the future.
The tax benefit available to a person depends on the amount of deduction and the tax bracket in which the person falls. Depending on these two factors, the tax saved can be calculated.
Author Bio:- Neha Sharma is a finance student who loves to write in her free time. She has spent considerable time researching about聽life insurance. Through her work, she explains its tax benefits
Total Views: 11Word Count: 481See All articles From Author
Fellowes MS-450Cs Micro Shred Paper Shredder Review Business Articles | November 3, 2009
For businesses today Cheap Hockey Hats , there is no more important task than shredding your confidential documents. Strip cut and cross cut shredders have been on the market for quite some time, and most people are pretty familiar with the difference between the two. Micro shred is pretty new on the market, and it gives the user an unprecedented level of security. Here we will take a look at Fellowes' entry in the micro shred marketplace, the MS-450Cs Cheap Hockey Hoodies , and give you some of this machine's pros and cons.
For businesses today, there is no more important task than shredding your confidential documents. Strip cut and cross cut shredders have been on the market for quite some time, and most people are pretty familiar with the difference between the two. Micro shred is pretty new on the market, and it gives the user an unprecedented level of security. Certainly there are members of your team - those who handle the most highly confidential information on a regular basis - that would be well served having a micro shred shredder right by their desks Cheap Hockey Shirts , for use periodically throughout the day. Here we will take a look at Fellowes' entry in the micro shred marketplace, the MS-450Cs, and give you some of this machine's pros and cons.
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