Now you can buy life insurance plans completely online right here.
Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
Kotak e-Assured Savings Plan not only provides affordable protection but also helps accrue wealth for accomplishing your upcoming financial aims by giving guaranteed benefits.
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Life insurance is not only beneficial to provide a financially secure future for your family but also helps to save money through income tax exemptions. Under section 80C of the Income Tax Act, 1961, the life insurance premiums that you pay during any financial year are exempted from your taxable income up to a maximum of INR 1.5 lakh.
Most individuals are aware of the benefits available under section 80C. However, tax benefits are also available under section 10(10D) of the Income Tax Act, 1961. Any income received from your life insurance policy is exempted from income tax under this section. This exemption is available for all types of life insurance policy payouts, without any upper limit and including bonuses and surrender value too.
However, to enjoy tax savings under section 10(10D), the payout should fulfill the following criteria.
If the maturity benefit of your policy is not exempt under section 10(10D), then the amount you receive is subject to tax deducted at source (TDS) as per the following rules
Several people have purchased insurance as a tax planning tool for several years. Insurance companies often use the availability of tax benefits while promoting their policies. These benefits are offered as an incentive to enable more individuals to procure insurance coverage.
It is recommended you clearly understand the different tax benefits available under various sections of the Income Tax Act, 1961. However, you must be careful and not make your purchase decision solely on the basis of the available tax benefits.
It is advisable you compare different life insurance plans offered by various insurers. You must understand the features, benefits, inclusions, and exclusions, and other terms and conditions before making your decision. Conducting extensive research online and using reliable sources to make the comparison will be beneficial. While choosing an insurance company, you need to consider the reputation and reliability of the insurer. It is important you opt for a company that offers superior customer service and higher claim settlement ratio to avoid complications in the future.
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