LIFE - LIC ( LIFE INSURANCE CORPORATIN OF INDIA

 

LIC INSURANCE

• We are in the LIC insurance sector and an insurance advisor for life.  protects from financial loss, which is one form of risk management, primarily used to sidestep against the risk of uncertain loss. A person or entity that provides insurance is known as an insurance company, insurance, carrier of the underwriter. An entity or person who buys insurance is known as an insured or as a policyholder. The loss may or may not be financial, but it must be reducible to financial terms and usually involves something in which the insured has an insurable interest established by ownership or a pre-existing relationship. We are in Life Insurance Corporation of India (LIC), is an Indian state-owned insurance group and investment corporation owned by the Government of India. 
  

  INCOME TAX REBATES ON VARIOUS SAVINGS:.

  I 80C: AN INDIVIDUAL WILL BE ENTITLED TO DEDUCTIONS FOR WHOLE OF AMOUNTS PAID OD DEPOSITED IN THE CURRENT FINANCIAL YEAR IN THE FOLLOWING SCHEMES, SUBJECT TO THE MAXIMUM OF Rs,1,50,000/-

  
  

  1. Insurance Premium Paid on the policies of Assessee, Spouse, and children including Premiums Paid under ULIPs.
  2. Premium Paid under deferred & immediate and immediate annuity plan (Pension Plans).
  3. Contribution to Provident Fund/PPF (up to Rs.1,50,000/-) Contribution to National Pension Scheme.
  4. Savings in Tax Saving Mutual Funds/ Equity Liquid Savings Scheme.
  5. Repayment of Housing Loan Principle.
  6. tuition fees Paid for the full-time education of any 2 children.
  7. Postal term deposits under term deposit rule 1981/NSE.
  8. Amount paid under Senior Citizens Savings Rules, 2004
  9. Fixed Deposit with the Banks /Postal Office Minimum of 5 years term (Tax Savings Scheme)
  10. A MAx of 50,000/- under NATIONAL PENSION SCHEME is exclusive & in addition to 1,50,000/- for those who are below 60 years of age.

  
  

  II Section 80D: (Deduction for the premium paid for Medical Insurance

  
  

  1. 1. Deduction under this section is available to an individual of a Huf. A deduction of Rs.25,000 can be claimed for insurance of self, spouse, and dependent children. An additional deduction for insurance of parents is available to the extent of Rs, 25,000 if they are less than 60 years of age or Rs, 50,000 (has been increased in Budget 2018 from 30,000) if parents are more than 60 years old.
  2. Therefore, the maximum deduction available under this section is to the extent of Rs.1,00,0003. from FY 2015-16 a cumulative additional deduction of Rs, 5,000 is allowed for a preservative health checkup to individuals.III Section 80DD: ( Deduction for Rehabilitation of Handicapped Dependent Relatives). 
  3. All available LIFE INSURANCE PLANS Aare mentioned on the given website. if you really wanted to know much more about each plan need to select the options button 

  https://vennaconsultancy.com/life