the Qs
the Qs
I am considering taking a life insurance policy but I am also interested in any tax benefits that might come with it. Can you tell me more about it?
Yes, so when you buy a term insurance, you start paying a premium every year, and you can use this premium as a deduction under Section 80C which comes with a limit of 1.5 lakh rupees. And a normal term insurance of 1 crore rupees has a premium which costs around 7,000 to 10,000 rupees every year. Now, the maturity amount is tax-free only if the premium that you have been paying is less than 10% of the sum assured or if the sum assured us at least 10 times the premium amount.
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the Qs
I am considering taking a life insurance policy but I am also interested in any tax benefits that might come with it. Can you tell me more about it?
Yes, so when you buy a term insurance, you start paying a premium every year, and you can use this premium as a deduction under Section 80C which comes with a limit of 1.5 lakh rupees. And a normal term insurance of 1 crore rupees has a premium which costs around 7,000 to 10,000 rupees every year. Now, the maturity amount is tax-free only if the premium that you have been paying is less than 10% of the sum assured or if the sum assured us at least 10 times the premium amount.
Get access to Personal Finance Insights you will actually want to read!
Join 12,000+ readers who receive practical and actionable insights decoding Personal Finance right to their mail box to learn all about money!
No Spam. Only Finance
No Spam. Only Finance
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Why join Dime's Tax Strategy Masterclass?
Comprehensive
Practical
Case Studies
This isn’t a normal masterclass. You will get a comprehensive hands-on experience of various “Tax Strategies” with our proven case-study based approach.
Get access to in-house built powerful Old vs. New Tax regime calculator, tax handouts, and more.
Thousands have benefited you can too!
2000+ People have already saved Taxes
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