loan guide in hindi

Term Insurance  Tax Benefits

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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.

What is Term insurance?

The most essential benefit is that the sum assured is paid to the policyholder's nominee if they die within the policy term.

Sum assured is payable to nominee

Deductions are available to policyholders who purchased a health-related rider (Surgical Care, Hospital Care Rider) with their term insurance policy.

Hospital Care Rider

Section 10(10D) of the Income Tax Act exempts the amount received as a death benefit under an insurance policy from taxation.

Benefit payout received

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.

Tax exemption

Under Section 80C, the premium paid for a term life insurance is also eligible for deduction up to Rs.1.5 lakhs.

Income tax benefit

If the policyholder does not want the benefit paid out right away, the insurance company will keep the money until it is.

Amount can be held

A range of deductions and exemptions are available under various parts of the ITA to help you save money on taxes  (Income Tax Act).

Does Term Insurance help in Saving  Income Tax?

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.


Loan Against LIC Policy

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