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Saving money is an art but saving tax is even a greater art. Who doesn’t want to save tax? We all do, by all legitimate means possible. At the end of every year, that’s what we run around for. Evaluate our savings and plan to claim tax benefits on the relevant ones. One of the most common tools to save your tax is the premium that you pay for your life insurance policy.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
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We all know the annual premium amount for life insurance policy is eligible for tax deduction under Section 80C. But is it so simple? For your information, there are conditions attached to it that must be fulfilled in order to claim tax benefits.
Note: Know more about what is term insurance first before reading this article.
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Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.
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The good news is that term life insurance plans are not much affected and there are a variety of these plans available in the market, wherein the sum assured is much higher than the annual premium. So you don’t need to worry before buying one.
However, you need to beware before buying single premium insurance policies. As a part of these policies the sum assured is not kept high in order to enhance the returns. Therefore the premium amount set for these plans falls low, creating not enough percentage difference between sum assured and the premium. For such plans, the sum assured is not more than 1.5 times the premium amount. As a result single premium plans don’t meet the requirements for tax deduction.
A life insurance product demands a long term commitment, which may last a couple of years. You don’t want to discover right in the middle of your policy tenure that you have made a wrong decision where in your premium amount will not be eligible for tax deduction. It will be too late then. Even cancellation of your policy may charge you unexpected taxes. So take time in studying tax laws diligently pertaining to life insurance policy before buying one.
Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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