Life Insurance Corporation of India (LIC) has launched the unit-linked, regular premium, individual life insurance plan Index Plus, which offers life insurance cover-cum-savings throughout the policy term
Insurance can be a strategic tool for tax optimization, offering financial safety net and potential tax-saving benefits.
Life Insurance Corporation of India (LIC) has introduced a novel plan encompassing individual savings and whole life insurance. The plan is called LIC’s Jeevan Utsav with effect from November 29, 2023. This plan is non-linked and non-participating, offering extensive life insurance coverage throughout one’s lifetime.
Having health insurance is crucial for ensuring financial protection in case of medical emergencies. However, it is disheartening to know that a majority of claims get rejected by insurance companies.
Consider this scenario: Did you buy a health insurance cover of Rs. 3 – 5 lakhs for your family a few years back? At that time, the cover amount would have been adequate, but not today. Consider another scenario: Your employer provides you a health insurance cover of Rs. 3 – 5 lakhs for your family, or you are covered for a similar amount under a State Government health insurance scheme.
To chart out a personal finance strategy without factoring in unexpected medical expenses is practically impossible in today’s world. It wasn’t too long ago when the world experienced an unparalleled health crisis in the form of a deadly pandemic, the after-effects of which can still be felt with long-term health issues. On top of that, the cost of healthcare is rising across the world.
We observe “Life Insurance Awareness Month” in September every year, thus, reminding people of the need to focus on buying a life insurance plan.
The Finance Act, 2023, amended section 10(10D) of the Income Tax (I-T) Act to remove the exemption available to sum received from a life insurance policy in case the aggregate premium for all policies issued on or after the 1 April exceeds ₹5 lakh.
A hospital cash insurance policy is a specialized health insurance plan designed to provide policyholders with a fixed cash benefit for each day they are admitted to a hospital due to illness or injury.