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26-05-2017
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RAJU MODI AHMEDABAD, GJ
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Income Tax And Tax Benefit on Taking Life Insurance

Tax Income Group

Individual & HUF below age of 65 years Income upto Rs.1,60,000 DO NOT pay tax
Woman below age of 65 years Income upto Rs.1,90,000 DO NOT pay Tax.
Individual above age of 65 years Income upto Rs.2,40,000 DO NOT pay Tax.

Education Cess : An additional surcharge called as ′Education Cess′ is levied at the rate of 2% on the amount of Income tax and surcharge (if any) in all cases shall be levied.

Secondary and Higher : An additional surcharge, called the "Secondary and Higher Education Cess on income- at the rate of 1% of income-tax and surcharge (not including the ″Education Cess on Income-tax″) in all cases shall be levied.

Tax Income Group

Individual & HUF below age of 65 years Income Rs.1,60,001 to Rs.5,00,00 pay 10% tax
Woman below age of 65 years Income Rs.1,90,001 to Rs.5,00,00 pay 10% Tax.
Individual above age of 65 years Income Rs.2,40,001 to Rs.5,00,000 pay 10% Tax.

Education Cess : An additional surcharge called as ′Education Cess′ is levied at the rate of 2% on the amount of Income tax and surcharge (if any) in all cases shall be levied.

Secondary and Higher : An additional surcharge, called the "Secondary and Higher Education Cess on income- at the rate of 1% of income-tax and surcharge (not including the ″Education Cess on Income-tax″) in all cases shall be levied.

Tax Income Group

Individual & HUF below age of 65 years Income Rs.5,00,001 to Rs.8,00,000 pay 20% tax
Woman below age of 65 years Income Rs.5,00,001 to Rs.8,00,000 pay 20% Tax.
Individual above age of 65 years Income Rs.5,00,001 to Rs.8,00,000 pay 20% Tax.

Education Cess : An additional surcharge called as ′Education Cess′ is levied at the rate of 2% on the amount of Income tax and surcharge (if any) in all cases shall be levied.

Secondary and Higher : An additional surcharge, called the "Secondary and Higher Education Cess on income- at the rate of 1% of income-tax and surcharge (not including the ″Education Cess on Income-tax″) in all cases shall be levied.

Tax Income Group

Individual & HUF below age of 65 years Income Above Rs.8,00,001 pay 30% tax
Woman below age of 65 years Income Above Rs.8,00,001 pay 30% Tax.
Individual above age of 65 years Income Above Rs.8,00,001 pay 30% Tax.

Education Cess : An additional surcharge called as ′Education Cess′ is levied at the rate of 2% on the amount of Income tax and surcharge (if any) in all cases shall be levied.

Secondary and Higher : An additional surcharge, called the "Secondary and Higher Education Cess on income- at the rate of 1% of income-tax and surcharge (not including the ″Education Cess on Income-tax″) in all cases shall be levied.

Deduction allowable from Income for payment of Life Insurance Premium (Sec. 80C).

(a) Life Insurance premia paid in order to effect or to keep in force an insurance on the life of the assessee or on the life of the spouse or any child of assessee & in the case of HUF, premium paid on the life of any member thereof, deduction allowed upto 20% of capital sum assured during any financial year.

(b) Contribution to deferred annuity Plans in order to effect or to keep in force a contract for deferred annuity, on his own life or the life of his spouse or any child of such individual, provided such contract does not contain a provision to exercise an option by the insured to receive a cash payment in lieu of the payment of annuity is eligible for deduction.

Contribution to Pension/Annuity Plans - New Jeevan Dhara-I & Jeevan Akshaya - VI

Jeevan Nidhi Plan & New Jeevan Suraksha - I Plan (U/s. 80CCC)

A deduction to an individual for any amount paid or deposited by him from his taxable income in the above annuity plans for receiving pension (from the fund set up by the Corporation under the Pension Scheme) is allowed.

Investment under long-term infrastructure bonds notified by the Central Government. (Sec. 80CCF)

A deduction up to Rs. 20000/- is available to individuals and HUF for amount paid or deposited as subscription to long-term infrastructure bonds notified by the Central Government. This is in addition to Rs. ! lakh deduction available under section 80C.

Deduction under section 80D

Deduction allowable upto Rs.15,000/- if an amount is paid to keep in force an insurance on health of assessee or his family (i.e. Spouse & children)

Additional deduction upto Rs.15,000/- if an amount is paid to keep in force an insurance on health of parents In case of HUF, deduction allowable upto Rs.15,000/- if an amount is paid to keep in force an insurance on health of any member of that HUF

Jeevan Aadhar Plan (Sec.80DD)

Deduction from total income upto Rs.50000/- allowable on amount deposited with LIC under Jeevan Aadhar Plan for maintenance of an handicapped dependent (Rs.1,00,000/- where handicapped dependent is suffering from severe disability)

Exemption in respect of commutation of pension under Jeevan Suraksha & Jeevan Nidhi Plans:

Under Section 10(10A) (iii) of the Income-tax Act, any payment received by way of commutations of pension out of the Jeevan Suraksha & Jeevan Nidhi Annuity plans is exempt from tax under clause (23AAB).

Income tax exemption on Maturity/Death Claims proceeds under Section 10(10D)

Under the provisions of section 10(10D) of the Income-tax Act, 1961, Maturity/Death claims proceeds of life insurance policy, including the sum allocated by way of bonus on such policy (other than amount to be refunded under Jeevan Aadhar Insurance Plan in case of handicapped dependent predeceases the individual or amount received under a Keyman Insurance Plan) is exempted from income-tax. However any sum (not including the premium paid by the assessee) received under an insurance policy issued on or after the 1st day of April, 2003 in respect of which the premium payable for any of the years during the term of the policy exceeds 20% of the actual capital sum assured will no longer be exempted under this section.

More About Life Insurance
How To Complain On Your Insurance Policy

Do you face issues while dealing with your Insurance Companies ?
Do they dont answer you on time or dont entertain your genuine concerns on time ?
Are you having a problem with Claims or other issues with an insurance company ?

Incase you are facing issues like unsatisfactory answers , no replies on time , delay in replies, taking matters for granted and not treating you properly, any misselling in Insurance, you can complain to IRDA about all this , its just a call away, hence better use the facility and dont feel like you are not powerful enough. You can also mail Insurance companies and cc the IRDA email id for complaints for faster and better reply, but only incase you are facing issues.

Also read thru this, and get the Phone Numbers as well as procedure life insurance Complaint Login Process and Escalation Matrix

How To Verify Insurance Policy

Remember no Isurance agent can provided status on your Life Insurance Policy, except the agent you have taken the policy from. If anybody claims that the he/she will get status of your Life Insurance Policy, be aware you might be cheated.

All Insurance companies have come up with online-service, you need to register on their website and get status update. If the Policy is Endowment, then it will show the amount accumulated. NAV Plans will give you upto date NAV value, and number of units.

How to get Latest NAV Your Insurance Policy

ULIP plans being hot in the market, and every body going for such plans, it has become necessary to know the NAV value of the insurance policy taken. Click Here to know the latest NAV values for all Life Insurance policy.

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