Monday, November 17, 2014

What are the Tax benefits applicable to me if I invest in a Life Insurance Policy?

What are the Tax benefits applicable to me if I invest in a Life Insurance Policy?

Under Sec 80C of Income Tax Act Available for Premium paid (max. up to 20% of SA) on Life Insurance policies with a maximum ceiling p.a. Rs. 1,00,000 irrespective of the Gross Total Income. A maximum of Rs. 1,00,000 p.a. paid as a contribution on a pension plan is fully deductible from the taxable income (within the max. ceiling Rs. 1 lakh ) Under Sec 80D of Income Tax Act Premium paid for Critical Illness rider is deductible as medical insurance premia from the annual income chargeable to tax up to a maximum amount of Rs. 10,000. Exemption from the Life Insurance proceeds Under Sec 10(10D) of IT Act • Maturity benefits are tax-free in the hands of the policyholder if, at any point of time during the policy life, premiums paid within one year do not exceed 20% of the basic Sum Assured. • Death benefits are tax-free.For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

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