Overview

The income tax benefits of paying towards life insurance are in the form of deductions as well as exemptions.

You can deduct from your taxable income to a total of Rs. 1 lakh in certain instances, such as your insurance payments from gross income under Section 80C of the Income Tax Act.

You can also seek exemption from gross income under Section 10 (10) D for any sum received from insurance policy as maturity proceeds, death benefits are exempt from tax.

For insurance policies issued after 01 April 2003, where the premium payable for any of the years during the term of the policy exceeds 20% of the sum assured, the insured will not be eligible for Sec 10(10) D benefit.

Endowment Tax: Basics

Survival Benefits for Different Insurance Plans

Survival benefits, also called maturity benefits depend totally on the type of policy purchased. ......

Critical illness benefit rider takes care of unforeseen medical expenses

The Critical illness benefit rider will take care of your medical expenses in event of a critical disease. ......

Accidental Death Benefit Rider

Get an accidental bonus, here's how. If the insured is to die within the term of the life insurance policy, the nominee receives an additional sum equal to the sum assured, plus the sum assured amount ......

Endowment Insurance Plans

Endowment insurance plans provide life insurance cover for a specific period. The insured can get the sum assured plus any bonus or guaranteed additions that may accrue during the policy term. ......

Endowment Tax: Opinion

Insurance for insurance sake

A term insurance policy is insurance for the sake of insurance. Read on to know why...and more. ......

Right time to review your life insurance portfolio

Want to know what's the right time to review your life insurance portfolio? Here's when. ......

Life Insurance for Young Working Professionals

If you are young and working, there is no time like now to get yourself adequately insured. There is just too much sense not to do so. ......

Why does it not make sense to mix insurance with investment?

This article explains why it is not a good idea to mix insurance with your investments. ......

Decision-making Corner

Ask an Expert

Ask your personal finance query here and get personalized replies that meet your specific needs.

Looking for Life Insurance offered by specific provider