{"id":549,"date":"2019-04-24T04:39:31","date_gmt":"2019-04-24T04:39:31","guid":{"rendered":"http:\/\/blog.insurancesamadhan.com\/?p=549"},"modified":"2020-10-06T04:46:48","modified_gmt":"2020-10-06T04:46:48","slug":"tax-benefits-of-investing-in-insurance","status":"publish","type":"post","link":"http:\/\/www.insurancesamadhan.com\/blog\/tax-benefits-of-investing-in-insurance\/","title":{"rendered":"Tax benefits of investing in Insurance"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/tax-benefits-of-investing-in-insurance\/#Savings_on_tax_with_life_insurance\" >Savings on tax with life insurance:<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>When it comes to life insurance policies, one of the primary things that emerge to the forefront is the tax benefits that these policies offer, besides of course, the insurance coverage. It goes without saying that saving on taxes is one of the biggest incentives of purchasing life insurance plans.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Savings_on_tax_with_life_insurance\"><\/span>Savings on tax with life insurance:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Section 80C: <\/strong>Under Section 80C of Income Tax Act 1961, the insured can enjoy tax benefit on the premium paid towards life insurance policies. <\/p>\n\n\n\n<p><strong>The following are some of the major points of Section 80C tax deductions:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Tax deduction under Section 80C is available for Hindu Undivided Families (HUF) and individuals.<\/li><li>If you pay a premium of up to a maximum of Rs. 1,50,000, you will be eligible for tax deduction.<\/li><li>Deductions are applicable if the amount of premium that you have paid in a financial year is 20% of the sum assured amount of the policy.<\/li><li>However, for policies that were issued after 1stApeil 2012, the tax deductions are applicable of the amount of premium paid in a particular financial year is 10% of the assured sum.<\/li><li>According to Section 80C(5) if you as an insurance holder voluntarily surrender your policy or in case of the policy is terminated before 2 years from the policy\u2019s date of commencement, then the insured will not be eligible for any benefits on the premium paid, that are otherwise offered under Section 80C of Income Tax Act.<\/li><li>As far as ULIPs are concerned, if the insurance holder opts to surrender his\/her policy or if the policy is terminated before 5 years from the date of commencement of the policy, then the insured will not receive any benefits on the premium paid, offered under section 80C of Income Tax Act.<\/li><\/ol>\n\n\n\n<p><center><a href=\"https:\/\/www.insurancesamadhan.com\/register?utm_source=google&#038;utm_medium=organic&#038;utm_campaign=blog_banner&#038;utm_content=http%3A%2F%2Fbit.ly%2F2kuc159\"\/><img decoding=\"async\" src=\"https:\/\/www.insurancesamadhan.com\/assets\/img\/contact.png\" alt=\"Get Resolutions for Insurance Complaints\"\/><\/a><\/center><\/p>\n\n\n\n<p><strong>Section 10D: the following are some of the key points:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Any amount that is payable to the insured under life insurance policies is applicable for a tax deduction. The amount payable can be- allocated sum by way of a bonus, maturity benefit, survival benefit, death benefit, surrender value, etc.<\/li><li>It is also interesting to note that Section 10D deduction is also applicable to gains and proceeds from a ULIP.<\/li><li>You can enjoy tax benefit under Section 10D when the premium paid towards the policy is not more than 10% of the sum assured amount.<\/li><li>Any maturity amount of life insurance policy or bonus amount received by the beneficiary of the policy in case of demise of the insured is altogether exempted from the tax deduction.<\/li><li>Additionally, the life insurance policy purchased for disabled people is eligible for tax exemption under Section 80DDB if the premium amount of the policy exceeds 15% of the sum assured amount.<\/li><\/ol>\n","protected":false},"excerpt":{"rendered":"<p>When it comes to life insurance policies, one of the primary things that emerge to the forefront is the tax benefits that these policies offer, besides of course, the insurance coverage. It goes without saying that saving on taxes is&hellip; <a href=\"http:\/\/www.insurancesamadhan.com\/blog\/tax-benefits-of-investing-in-insurance\/\" class=\"more-link\">Continue Reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":551,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What are the tax benefits of investing in Insurance Policies<\/title>\n<meta name=\"description\" content=\"Know more about the tax benefits of investing in insurance according to section 80C. 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It goes without saying that saving on taxes is&hellip; Continue Reading &rarr;","amp_enabled":true,"_links":{"self":[{"href":"http:\/\/www.insurancesamadhan.com\/blog\/wp-json\/wp\/v2\/posts\/549","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.insurancesamadhan.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.insurancesamadhan.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.insurancesamadhan.com\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"http:\/\/www.insurancesamadhan.com\/blog\/wp-json\/wp\/v2\/comments?post=549"}],"version-history":[{"count":2,"href":"http:\/\/www.insurancesamadhan.com\/blog\/wp-json\/wp\/v2\/posts\/549\/revisions"}],"predecessor-version":[{"id":553,"href":"http:\/\/www.insurancesamadhan.com\/blog\/wp-json\/wp\/v2\/posts\/549\/revisions\/553"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.insurancesamadhan.com\/blog\/wp-json\/wp\/v2\/media\/551"}],"wp:attachment":[{"href":"http:\/\/www.insurancesamadhan.com\/blog\/wp-json\/wp\/v2\/media?parent=549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.insurancesamadhan.com\/blog\/wp-json\/wp\/v2\/categories?post=549"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.insurancesamadhan.com\/blog\/wp-json\/wp\/v2\/tags?post=549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}