Tax Benefits for Insurance Plans LIC OF INDIA

Tax Benefits for Insurance Plans
1) Deduction from Income for payment of Premium (Sec. 80C).
(a) Life Insurance premia:The insurance premia paid for a policy is eligible for deduction. The premium paid should not be in excess of 20% of capital sum assured.
(b) Contribution to Deferred Annuity Plans : The premia paid for a Deferred Annuity , provided such contract does not contain a provision to exercise an option by the insured to received a cash payment in lieu of the payment of annuity is eligible for deduction.
(c) Contribution to Pension/Annuity Plans :Contribution to New Jeevan Dhara-I and New Jeevan Akshay-V Schemes of LIC are qualified for rebate under this section.
2) Income tax exemption on Maturity/Death Claims proceeds under Section 10(10D)
All the benefits payable under a Life Insurance policy are tax free. However in cases the premium paid in excess of 20% of the capital sum assured within a year, benefits paid excess of premiums will be taxable. The benefits from a key man Insurance policy and any sum received under Sec 80DD, Sub-section (3) are also taxable.
3) Jeevan Nidhi Plan & New Jeevan Suraksha - I Plan (U/s. 80CCC)
Amounts paid from the taxable income to premiums of the above annuity are deductible.
4) Deduction under section 80D
Medical Premium paid for a Health Insurance policy is deductible to the extent of Rs. 15000 for an assessee and/or his family members� policiy/s. A separate exemption to the extent of Rs. 15,000 for premiums paid for an assessee�s parents is also available. If any one or both of the parents are Senior citizens, then an enhanced exemption limit of Rs. 20,000 is available. Section 80D also covers payment of premium exclusively for Critical Illness Rider.
Avail Income Tax Benefit of Rs.15,000/- under section 80 (D) by investing in Health Protection Plus Plan
5) Jeevan Aadhar Plan (Sec.80DD)
Premium paid for LIC Jeevan Aadhar Plan (for the maintenance of an handicapped dependent) is eligible for deduction from the total income to the extent of Rs.50,000 and to the extent of Rs.75,000/- where handicapped dependent is suffering from specified severe disability.
6) Exemption in respect of commutation of pension under Jeevan Suraksha & Jeevan Nidhi Plans.(Section 10A):
A payment received by way of commutation of pension from Jeevan Suraksha & Jeevan Nidhi Annuity plans is exempt from tax

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Discount on Insurance Premiums, Monitor and Track your Life Insurance needs 9986184653 , rsantoshrathod@gmail.com

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Financial Planning : Insurance 9986184653 Santosh Rathod LIC INDIA

Financial Planning : Insurance

We do not think (or do not want to think) of what will happen to our family, if we are gone - especially when we have not met all of life's responsibilities. Though the family goes through emotional trauma, financial burden adds to the pain. One has no remedy for the emotional pain, but smart financial planning can certainly ease the financial pain.

If one is under insured, it could lead to a slip in family's lifestyle in case of an unfortunate death of the breadwinner. The family may have to compromise on various fronts to make the ends meet. These could include cutting down household expenses like food, medical, entertainment expenses, marriage expenses of children or moving to lower grade school for your children and many more expenses.

While life insurance is critical to meet financial responsibilities, adequate insurance cover is the key for meeting your responsibilities. So having a cover is not enough - having adequate cover is critical. Also, investment planning is not enough because plan could work only if funding the plan is regular and enough wealth is built up to take care of all life stages responsibilities. What happens if the funding suddenly stops?

Life insurance has moved from protecting life to protecting lifestyle. Financial needs can be classified broadly into following two categories.

• Protection: if anything happens to the breadwinner, the family continues to be financially protected and maintain the same life style.
  
• Savings: one should be able to generate required corpus to meet milestones such as education / marriage expenses of children, buying a house etc. The first step in buying insurance cover (Life Protection cover) is to adequately assess your need and responsibilities. One should ask the following questions:
  
• What is my life stage? (Age, family etc.)
  
• What are my responsibilities? (Buying a house, children's education / marriage expenses, protecting my income etc.)
  
• How much corpus I require to meet the above financial responsibilities?
  
• What is my current corpus / net worth?
  
• What are my liabilities (like car loan / housing loan etc)
  
• How do I plan (including selection of insurance plan) so that even if I am not around, my family can still sail through milestones?

The above data can be compiled in the following Protection Cover Computation Table to assess whether you are adequately protected:

A. Expenses protection» Household expenses of family members

B. Goal protection» Education expenses of children» Marriage expenses of children

C. Liabilities protection» Outstanding Housing Loan» Outstanding Car Loan» Any other Loan (Personal Loan) Total funds needed to cover expenses: (A + B + C)

D. Less: Existing Cover (if any)

E. Less: Current Assets / Investments (excluding assets for self consumption like house, car etc)

Additional cover required to be purchased = (A + B + C) - (D + E)

Note:» If the result of the above computation is positive, one is under insured and needs additional protection. If the result is negative, one is sufficiently covered or over insured.

» Inflation needs to be considered while calculating expenses.

» Present value of future expenses to be discounted to compute protection required.

Santosh Rathod. R

Mobile : 91 99861 84653

E-mail : rsantoshrathod@gmail.com,

Blog : http://rsantoshrathod.blogspot.com

LIC’s Market Plus 1 Unit Linked Insurance Plan Table No 191LIC’s Market Plus – I (Plan 191): , launched on 17thJune 2008, is a Unit Linked Deferred Pension plan where the policy holder can choose the plan with or without risk cover.
BenefitsOn death of the policyholder within the deferment term where Life cover is opted for and is in force, the nominee is eligible to get the Sum Assured under the Basic Plan together with the Policyholder’s Fund value
On death of the policyholder where the policy is taken without life cover, then the Policyholder’s Fund value, is payable to the nominee.
On the policyholder surviving upto the date of vesting, the Policyholder’s Fund value will compulsorily be utilised to provide an annuity based on the then prevailing immediate annuity rates under the relevant annuity option.
Top-Up (Additional Premium)The policyholder can pay Top-up in multiples of Rs.1,000/- without any limit at anytime during the term of the policy.
Eligibility & Conditions:
For Basic Plan without Life Cover
a)Minimum Sum Assured : NIL.b)Maximum Sum Assured : NIL.c)Minimum Premium : Rs. 5,000 p.a. for Regular premium (other than monthly (ECS) mode)Rs. 1,000 p.m. for monthly (ECS) mode, increasing thereafter in multiples of Rs. 250. thereafter in multiples of Rs. 250.d)Maximum Premium : No Limit.e)Minimum Entry Age : 18 years last birthday.f)Maximum Entry Age : 74 years nearest birthday.g)Minimum Deferment Team : 5 years.h)Minimum Vesting Age : 40 years completed.i)Maximum Vesting Age : 79 years completed.
Related to : LIC’s Market Plus 1 Unit Linked Insurance Plan Table No 191, -

Call R. Santosh Rathod, 9986184653

Market Plus: Investment Bhi Pension Bhi 9986184653, Santosh Rathod

LIC OF INDIA

Best of Investment LIC Insurance plans, Jeevan Anand - Double Benefit for yourself and for Family Also, Jeevan shree, for your children future education, marriage and endowment, Money Back Policy, Ulip Policy for Profit Plus, Market Plus-1, High Return plan of policies offered. Call me immediate with me for all your insurance needs 9986184653, rsantoshrathod@gmail.com in Karnataka.

LIC of LIFE INSURANCE OF INDIA PLANS(Products) FOR INSURANCE & INVESTMENT
Insurance Plans Pension Plans Unit
Plans
Special Plans Group Scheme
Insurance Plans
As individuals it is inherent to differ. Each individual’s
Insurance needs and requirements are different from that of the others.
LIC’s Insurance Plans are policies that talk to you individually And give you the most suitable options that can fit your requirement.
Children Plans

Jeevan Anurag Komal Jeevan CDA Endowment Vesting At 21

Marriage Endowment Or Educational Annuity Plan

CDA Endowment Vesting At 18 Jeevan Kishore

Jeevan Chhaya Child Career Plan Child Future Plan

Child Fortune Plus
--------------------------
Plans for Handicappes Dependents

Jeevan Aadhar Jeevan Vishwas
-----------------------
Endowment Assurance Plans

The Endowment Assurance Policy

The Endowment Assurance Policy-Limited Payment

Jeevan Mitra(Double Cover Endowment Plan)

Jeevan Mitra(Triple Cover Endowment Plan)

Jeevan Anand

New Janaraksha Plan

Jeevan Amrit
--------------------------------------
Plans for high Worth Individuals

Jeevan Shree-I

Jeevan Pramukh
-----------------------------------
Money back Plans

The Money Back Policy-20 Years

The Money Back Policy-25 Years

Jeevan Surabhi-15 Years

Jeevan Surabhi-20 Years

Jeevan Surabhi-25 Years

Bima Bachat
Special Money Back Plan For Women

Jeevan Bharati - I
Whole Life Plans

The Whole Life Policy

The Whole Life Policy- Limited Payment

The Whole Life Policy- Single Premium

Jeevan Anand

Jeevan Tarang
Term Assurance Plans

Two Year Temporary Assurance Policy

The Convertible Term Assurance Policy

Anmol Jeevan-I Amulya Jeevan-I

Joint life plan Decreasing Term Assurance
to Cover Home Loan Repayment

Jeevan Saathi Mortgage Redemption
PENSION PLANS
Pension Plans are Individual Plans that gaze into your future
And foresee financial stability during your old age. These policies are most suited for senior citizens and those planning A secure future, so that you never give up on the best things in life.
Pension Plans

Jeevan Nidhi Jeevan Akshay-V

New Jeevan Dhara-I New Jeevan Suraksha-I
UNIT PLANS
Unit plans are investment plans for those who realize
the worth of hard-earned money. These plans help
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