loan guide in hindi
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A term insurance policy is one that covers you for a set period of time. It provides you with a large sum assured at a low premium rate.
The most essential benefit is that the sum assured is paid to the policyholder's nominee if they die within the policy term.
Deductions are available to policyholders who purchased a health-related rider (Surgical Care, Hospital Care Rider) with their term insurance policy.
Section 10(10D) of the Income Tax Act exempts the amount received as a death benefit under an insurance policy from taxation.
According to Section 10(10D) of the IT Act, the sum assured received upon maturity or surrender of a policy, or upon the death of the policyholder, is completely tax-free.
Under Section 80C, the premium paid for a term life insurance is also eligible for deduction up to Rs.1.5 lakhs.
If the policyholder does not want the benefit paid out right away, the insurance company will keep the money until it is.
A range of deductions and exemptions are available under various parts of the ITA to help you save money on taxes (Income Tax Act).
Individuals and Hindu Undivided Families (HUFs) can claim tax benefits on term insurance by claiming a deduction on the premiums paid for a term insurance policy.
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