Types of Life Insurance – Life Insurance in India : Friends, in this article today, we will talk about the type of life insurance, how many types of life insurance are there and which life insurance policy is best for you, you can buy any of these life insurance policies for yourself or for your family.
First of all, friends, today we will talk about such a life insurance policy, after buying which you will get tax benefits as well as your life will be safe for the future, apart from this, you will also get to see its benefits for your family, so let’s talk about life insurance topic today on this website.
- Term Insurance Plans
- ULIPs – Unit Linked Insurance Plans
- Endowment Insurance Plans
- Money Back Insurance Plans
- Whole Life Insurance Plans
- Child Insurance Plans
- Retirement Insurance Plans
Tax Benefits on Types of Life Insurance
Friends, let us tell you that there are many such life insurance policies under which you get benefits in the field of tax like exemption for taxes in area 80 and 10d
Section 80D
Friends, if your life insurance policy includes medical purposes like critical illness rider, heart and cancer rider, then you will get income tax benefits under section 80d of the Income Tax Act 1961.
under section 80d becomes Rs. 1 lakh per year.
For persons below 60 years of age, the amount of deduction for self, life partner and children is Rs. 25,000. If your age is above 60 years and you want to deduct tax for yourself or your spouse or children, then the amount for this has been kept at Rs. 50,000, while for parents this amount is Rs. 50,000. Overall, the total deduction under section 80d becomes Rs. 1 lakh per year.
Section 80C
Friends, if you claim any kind of deduction on the premium paid under the life insurance policy, then you are eligible for deduction up to one and a half lakhs under section 80c of the Income Tax Act 1961. For more information, you can contact your insurance policy agent.
Section 10(10D)
Any proceeds received, which can include sum assured, surrender values, and bonuses, by the policyholder or nominee of an insurance policy, enjoy exemption subject to conditions laid under Section 10(10D) of The Income Tax, 1961.