IRDA, the insurance regulator, announced a few changes to product structures of life insurance plans through its latest regulations on Linked and non-linked life insurance products. ULIPs are linked products while traditional insurance plans are non-linked products. Here are some of the prominent changes. #1 Minimum Sum Assured goes down in ULIPs As per IRDA Linked … [Read more...] about New Life Insurance Rules: Lower Sum Assured in ULIPs, Better returns but Higher tax
Myth 1: The entire life insurance premium is eligible for tax deduction. Myth 2: The payouts from the life insurance policies are always exempt from income tax. Reality: You may not tax benefit for the life insurance premium paid. Moreover, the payouts from the life insurance policies may not be tax exempt either. There are a few conditions involved before you enjoy … [Read more...] about Misconceptions about Life Insurance Tax Benefits; Insurance payouts can be taxable too
When it comes to financial planning, many of us focus mainly on investments. Insurance portfolios do not always get as much importance. This is surprising because getting your insurance portfolio right is even more important than getting your investment portfolio right. Why? If you go wrong with your investment portfolio, you can still take corrective action and make amends. … [Read more...] about Getting your Insurance Portfolio right is extremely important
You want your family to inherit your house, not your housing loan. To ensure this, many purchase a term insurance plan when they take a home loan. Proceeds from the life insurance plan can be used to square off loan after your demise. Similarly, lenders (bank and NBFCs) also sell Home Loan Protection plans (HLPPs) to the borrowers. Home Loan Protection Plans (HLPPs) are … [Read more...] about Product Review: ICICI Home Safe Plus is a useless product
You have made a prudent decision to bypass endowment plans and ULIPs to meet your life insurance requirement. You have decided to purchase a term life insurance plan. However, you are still undecided about the premium payment mode. Should you go for regular premium payment plan or a single premium term life plan? Let’s find out. Do note the focus of this post is only term … [Read more...] about Single Premium or Regular Premium Term Insurance Plan?
You recently took a huge home loan of Rs 50 lacs jointly with your wife. You and your spouse have been planning to purchase a term life cover to cover your share of home loans. A friend told you about joint life insurance plans, where both of you could be covered under the same insurance plan. If you go for a joint life plan, there is no need to purchase to separate … [Read more...] about All you need to know about Joint Life Insurance Policies
You have taken a huge loan for your business against your assets. In the event of untimely death, creditors will attach your assets to recover their money, leaving your family in trouble. Is there a way you can safeguard your assets from creditors? I am sure there are many ways to guard assets from creditors. I do not have expertise to go into all those details. In this post, I … [Read more...] about Life Insurance under Married Women’s Property Act
You settled abroad many years ago. You are planning to purchase a life insurance plan. You are not sure whether to purchase a life insurance plan in India or in the country of residence. In this post, I will discuss various regulations pertaining to life insurance for Non-residents. I will also discuss whether you should purchase insurance in India or whether you should a … [Read more...] about Should NRIs purchase life insurance in India?
Term insurance is the simplest and cheapest form of life insurance. However, financial institutions are not always happy with simplicity. And there is always this race to outsmart competition. Hence, the insurance companies have started to offer packaged term life insurance plans, which offer a host of ancillary coverage. One such plan is ICICI Pru IProtect Smart Life Cover … [Read more...] about ICICI Pru IProtect Smart Life Cover: Review
Tax-saving season is underway. You must already be exploring ways to save income tax under Section 80C of the Income Tax Act. And when the discussion on tax-saving products is on, life insurance plans will invariably come up. After all, the premium paid to keep life insurance plans in force is eligible for tax benefits under Section 80C of the Income Tax Act. Life Insurance … [Read more...] about The Problem with Single Premium Life Insurance Plans