lifeInsurance

  Future Generali Life Insurance, one of the fastest growing life insurance companies in India Visit https://life.futuregenerali.in/       

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Best tax saving plans

Do not depend entirely on Section 80C to reduce your tax liability. Though Section 80C does offer a major tax-saving deduction, there are other sections that one can explore. So, use the above-mentioned sections of the Income Tax Act and save your tax outgo.

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Term life insurance calculator

Now calculate your Term Life Insurance Premium or Savings Life Insurance Premium, using this Premium Calculators by Future Generali Express Term Life Plan.

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Who should file income tax

A majority of people think that if their income is less than Rs. 2.5 Lakhs, they are not liable to file Income Tax Returns (ITR). However, this is a big misunderstanding; under some circumstances filing ITR is mandatory even if you earn less than Rs. 2.5 Lakhs. Furthermore, filing ITR is also beneficial in the longer run.

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Term insurance benefits

Level Term Plans Level term plans are the most basic and common form of term insurance available in the country. Under such a plan, the sum assured of your policy (life cover) and the premium will remain the same during the entire tenure of the policy. The premium of such a plan is usually determined on the basis of your age, gender, health and lifestyle habits. Almost all life insurance companies offer level term plans for their customers.

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Ulip plan returns

ULIPs have emerged as an attractive investment option under the revised IRDA (Insurance Regulatory and Development Authority of India) guidelines. The cost and fees structure of ULIPs under these guidelines have been significantly reorganised.

These re-organised ULIP schemes have become more customer-centric. However, people still think it’s risky to invest in ULIPs, due to its market exposure. The fact is that if one invests judiciously in ULIPs, he/she can earn the best returns that any market linked instrument can provide.

The choice for funds, redirection of premiums, timely switching and other options ensure that the growth of the fund is healthy. In addition, one more important thing to understand is that ULIPs are long term investment vehicles. Therefore, only with disciplined investments, they give attractive returns over the long term while providing life cover.

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Withholding tax

Withholding tax is collected when income is paid outside India. This also applies if the payment is made to NRI (non-resident Indian). If the income is paid in India, the person responsible for payments to NRI must deduct the withholding tax at the time of payment or when the amount is credited to the NRI’s account, according to the Section 195 of the Income Tax Act.

The rate of tax applicable to such payments is determined by the status of a Double Taxation Avoidance Agreement. India has signed DTAAs with many countries to avoid taxing individuals twice for the same income (in India and the partner country). Currently, India has DTAA treaties with more than 80 countries around the world and the benefit of such treaties is that individuals residing in any of these countries have to pay withholding tax at lower rates than their counterparts.

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General insurance vs life insurance

The main purpose of life insurance is to provide for your family and dependents in your absence. Financial independence for your family could mean helping them maintain their lifestyle, provide for kids’ education, square off your liabilities and provide for daily needs through the death benefit on such plans. Essentially life insurance death benefit is paid out in case the policyholder dies, or the maturity benefit is paid in the event that the policyholder survives the policy duration. On the other hand, general insurance makes claims settlement and payouts in the event of an unexpected material loss such as accidental damages or theft or disfigurement of vehicle or travel glitches. These are essential in the form of compensation for the loss to the extent they are covered under the policy papers.

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Medical expenses deduction under income tax act

You cannot directly get tax benefits on medical expenses incurred on in-laws, but you may be able to avail the benefit indirectly. Income Tax section 17 tax benefits and exemptions under section 80D, 80DD, 80U and 80DDB can help in such a case.

However, there’s a catch. To avail tax benefits on medical expenses incurred on in-laws, your spouse should also be an earning member of the family.

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Is annuity income taxable in India

An annuity plan is a contract between an individual and an insurance company, whereby the insurer promises to pay an amount at regular intervals to the individual in return for a lump-sum payment or a series of payments. The insurer invests the money received and pays back the returns generated from it to the individual. There are two types of annuity plans depending on the nature of payments.

To promote retirement planning, the government has allowed several tax benefits on contributing to an immediate annuity plan. The lump-sum amount paid for an immediate annuity plan is eligible for tax deductions under Section 80CCC of the Income Tax Act, 1961. The specific section of the Income Tax Act allows individuals to claim a tax deduction for contributions made to pension funds. However, the maximum deduction that can be claimed under Section 80CCC is Rs 1.5 Lakhs during a year on costs incurred in buying a new policy or continuing an existing plan that pays pension or a periodical annuity.

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Relocation expenses

Is Relocation Allowance Different from HRA? Yes, Relocation Allowance is different from HRA.

House Rent Allowance (HRA) is a major benefit to salaried taxpayers. Your employer provides you with an allowance that covers rent as part of your salary structure. A part of your HRA can be exempted from tax.

Comparatively, relocation demands larger expenses such as shifting houses, moving goods, finding new schools, etc. These expenses can either be reimbursed by the company or directly paid to the employee as a lump-sum amount known as Relocation Allowance. There are variations in taxability of different relocation expenses.

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cancer insurance India

Getting diagnosed with Cancer is really heart breaking, and because of our lifestyle and surroundings, the risk of getting Cancer is on an all-time high. Cancer cases in India is skyrocketing and nobody is safe. The most demoralizing part about Cancer is that it not only affects your health but also puts a major burden on your financial status. However, the financial burden that you face can be eased with the help of a Cancer insurance. A cancer insurance policy by Future Generali will help you stay financially and psychologically secure in case you or a family member of yours is diagnosed with Cancer.

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life insurance plan with maturity benefit

In a pure term insurance plan the cost of the premium is calculated based on the expected value of the claim. But in a term insurance plan with maturity benefit, the death benefit and maturity benefit are fixed, which leads to an increase in the premium cost. To save on costs, you can buy a TROP online because they are cheaper than those that are bought offline. Go for a higher sum assured amount as they may be eligible for discount offers.

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life insurance policy plans

Life insurance is an irreplaceable part of a sound financial plan. It helps in securing your family’s financial future in case of an unfortunate event like your untimely death. It also provides you with a financial backup in case of an accident or any other event which may cause temporary or permanent disability and therefore loss of income. Life insurance also helps as an investment tool. It builds your wealth in a planned manner to meet your financial goals and future expenses such as buying a new house or paying for your child’s education or marriage. It also helps plan for retirement. Future Generali offers different kinds of simple-to-understand life insurance policies. These plans will help meet your various needs such as protection, savings, investments, child’s education, health etc.

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Saving plan

What is a savings plan?

A savings plan is a type of life insurance investment plan that offers numerous possibilities to not only save money but also invest and multiply it in a systematic and disciplined manner. This systematic investment equips an individual to be adequately prepared to meet his family’s future financial needs and ensures the fulfilment of his financial goals. Savings investment plans offer several features that can help an individual in fulfilling his goals, and considering these features is essential before choosing the right savings plan . Here are five features of savings plans that one needs to be aware of:

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Ulip plan meaning

What is a Unit Linked Insurance Plan?

A Unit Linked Insurance Plan, or ULIP for short, is a financial instrument which performs the dual functions of insurance and investment within the same plan. A small portion of the premium goes towards the life insurance element, and the rest is systematically invested. This investment is offered by the insurer in a variety of qualified investments in varying proportions of debt and equity stocks, similar to the investment vehicle of mutual funds. The returns on your investments depend upon the performance of the fund opted by you.

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Section 80 of income tax act

Paying tax on your hard-earned income leaves a sour taste in your mouth, doesn’t it? That is why you approach your tax consultants and Chartered Accountants to find avenues which let you save tax. Here’s a little tip for you – you can save taxes yourself if you know about the provisions of Section 80.

The Income Tax Act has, in Chapter VI A, laid down various tax-saving expenses and investments. These tax-saving instruments are found in different variants of Section 80. So, if you are looking for tax-saving avenues, familiarise yourself with the following sections

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Insurance lapse meaning

A policy lapse occurs when the benefits and coverage provided under an insurance policy are terminated for a policy holder. A policy is ‘lapsed’ when the policy holder misses the premium payments and the cash surrender value (in case of permanent life insurance) is exhausted. If your policy lapses, you and your family members who are insured under the policy are no longer eligible for insurance coverage or a death benefit in case of a term plan . However, there are still ways to make sure your loved ones stay covered if you miss or are unable to pay your insurance premium on time. Here are six important points you need to know about policy lapses if you are a policy holder or plan to take out an insurance policy: