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Yes, you can get tax benefits on premiums paid for term plans under Section 80C of the income tax Act 1961 along with premiums paid towards critical illness benefits under Section 80D. The lump-sum amount received by nominees as the sum assured/death benefit is also exempted from taxes subject to Section 10 (10D) of the Income Tax Act, 1961.
A life insurance policy is a contract between the life insurance company and the insured customer wherein the insurance company agrees to pay the maturity benefit to the insured or the death benefit to the nominee of the insured in return for a nominal amount known as “Premium” which is to be paid by the insured customer to the insurance company on regular intervals. Life insurance policy includes life cover against any uncertainty tax exemption inclusion of riders and investment tool and retirement.
The SBI Life Insurance Policy is an excellent product that can help you create a secure future for your family. If you have decided that this insurance policy is not for you, then there are a few things to keep in mind before cancelling the policy.
There are two ways to cancel the policy either by submitting a request online or by visiting the nearest branch of SBI Life Insurance Company. SBI has made it very easy to cancel SBI life insurance policy online. You can do this by logging on to the website and then going to the 'Cancel Policy' section. Or you have to contact the SBI life insurance company and convey your wish to cancel the policy. Make sure that you have given a free look period of 10 to 30 days for cancellation of your policy.
The best life insurance policy can be found on the PolicyBachat website by comparing life insurance quotes. Where you can compare life insurance quotes in simple 2 steps by entering your details and then choose a policy as per your requirement.
ICICI Predential Life term smart life insurance plan can be canceled by the policyholder at any point of time after the policy start date by writing to the insurance company and filling the cancellation form. If the policy is to be canceled within the free look period, it can be done without any premium deduction by the insurance company. If the policy is to be canceled after the free look period, a pro-rata premium would be charged by the insurance company from the customer.
There are many advantages of life insurance such as
Return on Investment: Many life insurance schemes in India provide decent returns as well as bonuses.
Death Benefits: In case of any unexpected event to the insured, the insurance company provides compensation in the form of the death benefit to the family.
Income tax exemption: The premiums paid under the life insurance policy are eligible for income tax exemption under section 80C.
Loan availability: In the event of any emergency such as a college fee or property purchase, a loan can be availed against your life insurance policy.
Retirement Income: Life insurance policies can also be taken for the purpose of regular income after retirement.
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