Wednesday, December 9, 2015

LIC Life Insurance - Tax Saving Plans

LIC Life Insurance Premium for Tax Saving

LIC Life insurance policies can be used as tax planning tool as premium paid on Life Insurance Policies is eligible for tax benefits under Section 80C of the Income Tax Act and Maturity proceeds from the policy are also eligible for exemption under section Section 10(10D) and Section 10(10A)(iii). Life Insurance helps Assessee not only in tax saving but also achieving their long term goals and it also provides Comprehensive financial protection against unforeseen events for your family.

Maximum Limit – Maximum Deduction allowed under this Section is Rs. 1.50 Lakh and the sum includes payment on other allowable investment option available Under Section 80C of the Income Tax Act,1961. 

Only life insurance premia paid or deposited during the financial year are allowable as deduction under Section 80C for that year.

On Whose Life insurance premia Can be Paid-
On Own life / Self
  • On Wife/husband
  • Child / Children

If you are paying premium for more than one LIC insurance policy, all the premiums can be included for tax exemption.

Taxability of Maturity Proceeds
Section 10(10D)
The proceeds under a life insurance policy are exempt under Section 10(10D) of the Act, subject to the provisions of the said section.
Section 10(10A)(iii)
Commuted Pension received from Pension fund (Pension Plans approved by IRDA) would be tax free.
Service Tax on Life Insurance Premium
All premiums and charges are subject to applicable taxes including service tax, education cess and secondary and higher education cess as applicable under the prevailing tax laws.

To know more about the
LIC Tax saving plans available

Call or Whatsapp 9945689986

Get Expert Advice from LIC at the comfort of Your Home. Contact us today For New LIC Policy. Life Insurance from LIC's Authorised Agent in Bangalore. Insurance Agent - LIC.

Wednesday, December 2, 2015

Why do I need Insurance?



  • First of all, Life Insurance is NOT FOR YOU. Its for the security of your family members.
  • Life Insurance has to be BOUGHT WHEN YOU DONT NEED IT. You cannot buy it when there is a necessity. You need a good health to be insured.
  • When you can spend your money on pleasure, enjoyment or other entertainment and not getting any monetary returns, why not save a bit every month to secure your family's future.
  • Life Insurance is not bought to make any profit, but to secure the future of your family, just as an umbrella is bought not to stop the rain, but to protect us from the rain.
  • When you make arrangements at home even if you will be away for a week, then why not in your complete absence?
  • Do you know how Precious you are for your family? It's you who will make arrangements for the education and wedding of your children.
  • The decision is yours....because the FAMILY is also yours. Its the duty of your LIC agent to inform you about the benefits of life insurance, whether to INSURE OR NOT, is left to you...

To Insure yourself and secure your family's future
Call 9945689986