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Is Life Insurance Claim Taxable?

Yes, Life Insurance claim is taxable. Life insurance plans provide tax benefits according to prevailing tax laws and death benefits are tax-free under section 10(10D) of the income tax Act, 1961. The percentage of tax to be paid is different for different parts and is calculated at the time of claim.

How to Claim Term Insurance after death?

To claim term insurance after death follow the below steps

  • Step 1- Claim Intimation: Claim intimation can be done online or offline which should contain basic information such as the Name of the Policyholder, Policy number, Date of Maturity, etc. In case of offline intimation, the claim form can be availed from the nearest life insurance branch and duly filled before submission.
  • Step 2- Claim Processing: Once the claim intimation is done and the claim intimation number is obtained, the next step is to provide all the relevant documents to the insurance company.
  • Step 3- Claim Decision: After the submission, the company will verify the documents and assess the claim. You will be kept in the loop through regular messages and emails. Once everything is according to their rules, it will process the claim within 30 days.
Does Term Insurance covers natural death?

Yes, term insurance cover Natural deaths. There is a natural death cover in term insurance in case of death due to any illness or diseases or old age is termed as Natural death in life insurance while any death as a result of an accident is known as Accidental death. Death due to murder is covered subject to the nominee or the legal heir not being involved in the murder of the policyholder.

How to Claim Life Insurance in case of death?

To claim Life Insurance in case of death go through our online portal which has a dedicated team of agents who will assist to the very end of your insurance policy.

What is the Primary Purpose of a Life Insurance Product?

The primary purpose of life insurance product is helps to minimize the risk of financial difficulties which would be faced by the families in case of sudden death of the policyholder. Life insurance is one of the most important financial planning tools available in the market.

Can I Claim LIC Maturity Amount Online?

Yes, you can claim the LIC maturity amount online. From purchasing a plan to paying the premiums at regular intervals to check the maturity amount and status of the policy.

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Top Reasons for Life Insurance Claim Rejection

Claim rejection is a process where the insurer will decide on whether or not to pay it. Know about the reasons for Life insurance claim rejection to prevent it.

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