How to make the most of tax benefits by investing in insurance products?
10 months, 3 weeks ago

How to make the most of tax benefits by investing in insurance products?

Live Mint  

January marks an ideal period to assume control of your financial affairs. Furthermore, all premiums paid for term life insurance qualify for tax deductions under Section 80C of the Income Tax Act, with a yearly limit of ₹1.5 lakh. Similar to life insurance, health insurance provides substantial tax advantages, albeit under a distinct section of the Income Tax Act—Section 80D. Parimal Heda, Chief Investment Officer, Go Digit General Insurance said, “Under the old tax regime, an individual or Hindu Undivided Family can claim a tax deduction from their total income if they have paid any health insurance premiums in the given financial year. This provision is available to all taxpayers under Section 80D of the Income Tax Act and is also applicable to any top-up health insurance plan or critical illness plan bought during the year.” Let’s delve into the tax advantages linked with health insurance: The premiums paid for health insurance covering yourself, your spouse, your dependent children, and even your dependent parents are eligible for deductions under Section 80D.

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History of this topic

Tax on term life insurance may be exempted by GST Council: What will change for you
3 months, 3 weeks ago

Tax on term life insurance may be exempted by GST Council: What will change for you

Hindustan Times  

The GST Council is likely to exempt term life insurance policies from the goods and services tax. Term life insurance exemption from GST could result in ₹ 200 crore annual revenue loss but make it more affordable. Term life insurance is a pure protection plan that offers financial security to the beneficiaries in case of the policyholder’s death during the …

How You Can Bring Down Health Insurance Premium By 50%?
1 year, 8 months ago

How You Can Bring Down Health Insurance Premium By 50%?

News 18  

In India, out-of-pocket expenses can run considerably high. Let’s detail out more such benefits that ensure cost-effectiveness in your health insurance policy- Assuming you are a 30-year-old living in one of the metro cities and have no pre-existing illnesses, your annual premium for a sum assured of Rs 10 lakhs will come to an average of Rs 10,000. By furnishing …

What are the tax benefits of health insurance policies?
1 year, 8 months ago

What are the tax benefits of health insurance policies?

Live Mint  

Health insurance is a form of insurance that covers medical expenditures incurred by an individual for long-term well-being. Pankaj Vashishtha, CEO & Co-Fouder, Policy Ensure Health insurance policies in India offer individuals several tax benefits under Section 80D of the Income Tax Act. Under Section 80D of the Income Tax Act, 1961, you can claim tax deductions for the premium …

The ‘tax-free’ insurance pitch has several holes
1 year, 9 months ago

The ‘tax-free’ insurance pitch has several holes

Live Mint  

Insurers are prodding investors to buy insurance policies. With the financial year-end now nearing, their sales pitch has been flying thick and fast: “Budget 2023 has made life insurance policies with annual premiums above ₹5 lakh taxable from 1 April onwards. View Full Image Tax-free insurance pitch data Guaranteed return plans Among the popular products in the market is HDFC …

Proceeds from life insurance policy with premium of over ₹5 lakh to be taxable
1 year, 10 months ago

Proceeds from life insurance policy with premium of over ₹5 lakh to be taxable

Live Mint  

New income tax rule: Proceeds from life insurance premium over the annual premium of ₹5 lakh would be taxable from new financial year i.e. However, the finance minister made it clear that the new income tax rule will keep death benefit on such premium would continue to remain tax exempted. In this budget, the Finance Minister Nirmala Sitharaman has now …

How to get maximum tax benefits in FY 22-23 by investing in insurance: Tips
1 year, 10 months ago

How to get maximum tax benefits in FY 22-23 by investing in insurance: Tips

India TV News  

Every financial year, retail investors look for newer options for tax savings. BUDGET 2023: FULL COVERAGE Payment of premium towards life insurance plans provides a policyholder with life cover, as well as certain tax benefits. Any resident or non-resident individual can claim a tax benefit for life insurance premium paid under Section 80C, up to Rs 1.50 lakh every year. …

What is the ideal way to buy a life insurance plan?
2 years, 5 months ago

What is the ideal way to buy a life insurance plan?

Live Mint  

I am 30 years old and I am planning to buy a life insurance policy. -Name withheld on request Great to know that you are thinking of taking a Life Insurance plan. This makes it more necessary for you to take a life insurance policy, which will safeguard your loved ones in unfavourable times. Along with financial protection, there are …

Life insurance, your most important personal finance decision?
3 years ago

Life insurance, your most important personal finance decision?

Live Mint  

You may have probably heard the old adage: “Buy term and invest the difference." Sajja Praveen Chowdary, head— term insurance, Policybazaar.com, said, “Several elements, including your age, sum assured, health risks and plan length determines a term insurance premium. Benefits of buying term policy Affordable premiums: You get term insurance of a high-value life cover at an affordable premium compared …

Why term insurance is so affordable
3 years, 8 months ago

Why term insurance is so affordable

News 18  

The year 2020 was one that changed the entire world. For instance, with Bajaj Allianz Life Smart Protect Goal, a Non Linked, Non Participating, Pure Life Term Insurance Plan, you can take a cover of Rs 1 crore by paying only Rs 18 per day5 as premium! The Bajaj Allianz Life Smart Protect Goal, a Non Linked, Non Participating, Pure …

Buy health insurance to save tax, cover medical emergencies
3 years, 9 months ago

Buy health insurance to save tax, cover medical emergencies

Live Mint  

Health-related exigencies and the treatment cost always take us by surprise. Section 80D of the Income Tax Act allows an individual to claim a deduction in income with respect to insurance premium payments made during the year to secure the health of self and family members. Tax deductions and savings under various scenarios on payment of health insurance policy premium …

Budget 2021: ’Govt should focus on making insurance more than a tax saving tool’
3 years, 11 months ago

Budget 2021: ’Govt should focus on making insurance more than a tax saving tool’

Live Mint  

Union Budget 2020 must initiate some new measures to make insurance policies more attractive and customer-friendly, insurance players have demanded. "Having a separate tax deduction towards insurance premiums, over and above the current 80C limit, similar to one allowed for NPS. Implementing either of the proposed recommendations will aid in bridging the protection gap in the country," says Rushabh Gandhi, …

How much term insurance cover should you buy?
4 years, 2 months ago

How much term insurance cover should you buy?

Hindustan Times  

In personal finance, it is often said that it’s easy to plan for things that are certain, and much more difficult for the uncertainties. Some of the leading insurers like Bajaj Allianz Life Insurance also provide additional cover such as critical illness cover and accidental cover at a nominal extra cost along with their term insurance plans. Personal finance experts …

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