Term Insurance Tax Benefits from a Specific Income Tax Section

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Term Insurance Tax Benefits from a given list of
Income Tax Section
Term insurance is the simplest form of life
insurance policy, that provides life cover to the
applicant, in return for regular premium payment
for a certain period of time. Term insurance are
meant to provide life cover to the policyholder,
and if the insured dies during the policy period,
the nominee will get the death benefits as given
in the policy inclusion terms.
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Getting term insurance is a great way to support
your loved ones dependent on you, even after
death.  Health Insurance Advisor in Noida can
help you in selecting the right term insurance
that further helps with some tax benefits. Term
insurance are not tax-free, but there are some
income tax section under which you can do some
tax saving.Tax benefits on term insuranceTerm
insurance are tax free under three different
sections of income tax, let's know about
them.Section 80CSection 10(10D)Section 80DTax
benefits under 80C To claim tax benefits that
are related to the term insurance policy, section
80C of the income tax act 1961 is commonly used.
As per the section, one can claim the same amount
of premium paid during a financial year. This
amount will get deducted from your total taxable
income. Around Rs. 1.5 lakh is the limit of
eligible deduction. Bima plus is a Health
Insurance Advisor in Noida Sector 18 that can
assist you in getting the right policy having the
maximum tax benefits.
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Tax benefit under section 10 (10D)The amount
which the individual receives upon maturity or
after surrendering the policy, or on the death of
the policy holder cab be exempted from the tax as
per section 10(10D) of income tax. There is one
more thing you must know that term insurance
having sum assured at least 10 times the premium
only falls under the section 10(10D)Tax
benefits under section 80D?This income tax
section is applicable for policies that are taken
for yourself, children, parent or spouse. Via
section 80D the deduction can happen for the
premium the individual pays for a health
insurance plan. It's really becoming difficult to
choose the right policy that can save some taxes
too. Therefore, we recommend Bima plus, a Health
Insurance Advisor in Noida Sector 37 that can
help in the process of selecting the right
insurance plans.
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