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The life insurance policy is taxed under Section 80C of the Income Tax Act, 1961.It depends on how long you have had the policy and what kind of life insurance you are buying...Read More
No, Life insurance is a type of insurance that pays out a sum of money to the beneficiaries after the death of the insured person. The proceeds from life insurance policies are not taxable in India. At the time of getting a death benefit under a life insurance policy, nominees are not supposed to pay any tax on this amount.
Employer sponsored life insurance policy would be valid only till the time you are on the payroll of the organization. It is advisable to have a separate term insurance plan after analyzing your liabilities and outstanding loans to maintain the healthy financial condition of your family in case of your sudden demise. It can also be noted that the company sponsored life insurance coverage would not be sufficient to meet your financial goals as the company offers minimum life insurance coverage without considering your liabilities.
Life insurance is a type of insurance that pays out a death benefit to the beneficiary, typically upon the death of the insured. You should consider life insurance as a way to protect your loved ones in case of an untimely death. It is also a way to provide for your family members if you are unable to do so. Even though life insurance can be expensive, it's worth it because it's not just about protecting yourself but also your loved ones.
A 25-year-old is a big milestone in life, one that can be seen as the time to start thinking about life insurance. There are many reasons why people might need life insurance. Here are some of them:
Life insurance is a type of insurance that pays out a lump sum if the policyholder dies. It can be used as an investment, as well as a source of funds for retirement. If you have superannuation, you may not need life insurance for retirement purposes. However, if you plan on using your super to purchase an income-producing asset or property and want protection in case something happens to you, then life insurance may be worth considering.
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