What The Tax Advantages and Refund Information for Term Insurance?

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What are the Tax benefits and Refund details
related to Term Insurance?
Term life insurance plan is one of the ideal
investment plans. It offers your family and
financial coverage so that they can compensate
for different expenses of life, even in your
absence or after your unfortunate demise. But
many insurance buyers ask Is term life insurance
benefit is tax-free? Here are some tax benefits
you can avail by purchasing term life insurance
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• Tax benefit under Section 10(10D) of the IT Act
• Under section 10(10D) of the Income Tax Act,
  1961, allow the death coverage a term life
  insurance provides is entirely excluded from
  taxation. It is correct only when the premium is
  paid in the form of a death benefit minimum of 10
  times the yearly premium you pay as per term
  insurance policy. If you consider the advice of
  the Health Insurance Advisor in Noida Sector
  10, you will end up buying the right term
  insurance.
• 2. Tax Benefits under 80D of the IT Act
• According to Section 80D of the Income Tax Act,
  1961, it enables an insured person to claim the
  amount you pay for your health insurance policy
  as deducted from your total earning. However,
  this section doesnt indicate a term insurance
  plan, but you can benefit from this section to
  decrease your total tax liability.
• For example, suppose you have purchased health
  riders additionally and higher than your base
  term life insurance, such as severe disease
  advantage. In that case, you can claim the amount
  that you pay for the rider single in the form of
  deduction under section 80D of the IT Act. If you
  have any confusion to understand the tax benefit
  under section 80D, get accurate information
  from Health Insurance Advisor in Noida Sector
  21 at Bima Plus.

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3. Tax Benefits under Section 80C of the IT
Act You can claim yearly premium payment of term
life insurance as a deduction from total earning
and up to Rs 1.5 lakhs according to the
provisions explained in section 80C of the Income
Tax Act, 1961. By doing this, you can decrease
your overall taxable income and the tax amount
that you need to pay. Refund Details In Term
Insurance As per compulsory guidelines made by
The Insurance Regulatory and Development
Authority (IRDAI), insurance policies are needed
to provide a free look period. Throughout this
free look duration, if you feel that specific
rules and provisions are uncomfortable and
unacceptable for you, you can ask for a policy
return from the insurer and easily claim the
premium refund you have paid on behalf of the
policy. The Free look period is valid for term
insurance as well as other life insurance.
However, if you dont have a clear idea of how to
claim for refund, Health Insurance Advisor in
Noida Sector 2 will help you to do the same.
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Mobile [phone]
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