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  • Tax Saving Plan

    Hochgeladen von

    Harish Chand
    11 Ansichten2 Seiten
    Why Insurance Almost each one of us has bought or plans to buy life insurance. The usual process is contact an insurance agent who helps you estimate the policy value and goes ahead and buys the policy on your behalf. So you feel good that you now have a life policy showing how much you worth! Take a step back before you buy that policy. Have you ever considered buying more then one policy value you desire? There are some great gains in doing so. These are.... During Financial lows If you go through a situation where you are financially constrained to surrender your life policy, you will lose the cover for the entire policy even if you do not need the entire surrender value of the policy. For instance if your policy's surrender value is Rs 10 Lakh and you need Rs 4 Lakh cash, you will have to cancel the entire policy and lose life over completely. had this policy of Rs 10 lakh been taken as 2 policies of Rs 5 lakh each, you could have surrendered just one policy. You would still remain covered for Rs 5 lakh! Distributing your estate Breaking up your life policy help in this count too. Taking the same example, instead of having one Rs 10 lakh policy, having 2 Rs 5 Lakh policies helps allocate your estate among your children ( this is an ideal situiation if you have 2 children - each child gets proceeds from one policy). Taking a loan You can use your life policy as a pledgeable security while taking a loan. Lenders as well as the insurer usually offers loans up to a specified percentage of the surrender value of the policy. If you dont need a loan to the extent of the amount you are eligible for, you will still have to offer the entire policy as security to the lender till the repayment of the loan. During the period the policy remains with the lender, he is eligible for all the rights to the policy. However if you break up your policies, you need to pledge only just that many policies to raise the necessary loan. Tax Benefits Section 88 of the Income Tax Act states that premium paid on a life policy is eligible for tax rebate. The beneficiary may be different from the premium paying person. For instance your wife can pay premium for your policy and claim the tax benefit. Breaking up for life policy helps in this case too. If the premium paid on a consolidated policy is higher than the amount of rebate you need, you can break the policy to claim the entire tax rebate. This can be done by another tax paying family member paying the premium for one policy and claiming the rebate. Meeting your life goals You can divide your life insurance portfolio into a number of policies spread over different tenors to give you a stream of steady income to take care of your life's financial commitments like children's education and marriage, buying property, asving up for your old age etc. Check out specific plans structured by insurers specifically for these purposes. What if you have already taken a consolidated life policy? Dont despair. You can break it to peices! contact your insurance agent to guide you to doing so. By paying a small sum to the insurer, your policy can be broken up into more than one, without any loss to you. It is worth the efforts. Contact Us Harish Chand [Authorised LIC Agent] 9811896425 9212201725 www.delhilicagent.com harishchand@in.com

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    Tax saving plan

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    Why Insurance Almost each one of us has bought or plans to buy life insurance. The usual process is contact an insurance agent who helps you estimate the policy value and goes ahead and buys the policy on your behalf. So you feel good that you now have a life policy showing how much you worth! Take a step back before you buy that policy. Have you ever considered buying more then one policy value you desire? There are some great gains in doing so. These are.... During Financial lows If you go through a situation where you are financially constrained to surrender your life policy, you will lose the cover for the entire policy even if you do not need the entire surrender value of the policy. For instance if your policy's surrender value is Rs 10 Lakh and you need Rs 4 Lakh cash, you will have to cancel the entire policy and lose life over completely. had this policy of Rs 10 lakh been taken as 2 policies of Rs 5 lakh each, you could have surrendered just one policy. You would still remain covered for Rs 5 lakh! Distributing your estate Breaking up your life policy help in this count too. Taking the same example, instead of having one Rs 10 lakh policy, having 2 Rs 5 Lakh policies helps allocate your estate among your children ( this is an ideal situiation if you have 2 children - each child gets proceeds from one policy). Taking a loan You can use your life policy as a pledgeable security while taking a loan. Lenders as well as the insurer usually offers loans up to a specified percentage of the surrender value of the policy. If you dont need a loan to the extent of the amount you are eligible for, you will still have to offer the entire policy as security to the lender till the repayment of the loan. During the period the policy remains with the lender, he is eligible for all the rights to the policy. However if you break up your policies, you need to pledge only just that many policies to raise the necessary loan. Tax Benefits Section 88 of the Income Tax Act states that premium paid on a life policy is eligible for tax rebate. The beneficiary may be different from the premium paying person. For instance your wife can pay premium for your policy and claim the tax benefit. Breaking up for life policy helps in this case too. If the premium paid on a consolidated policy is higher than the amount of rebate you need, you can break the policy to claim the entire tax rebate. This can be done by another tax paying family member paying the premium for one policy and claiming the rebate. Meeting your life goals You can divide your life insurance portfolio into a number of policies spread over different tenors to give you a stream of steady income to take care of your life's financial commitments like children's education and marriage, buying property, asving up for your old age etc. Check out specific plans structured by insurers specifically for these purposes. What if you have already taken a consolidated life policy? Dont despair. You can break it to peices! contact your insurance agent to guide you to doing so. By paying a small sum to the insurer, your policy can be broken up into more than one, without any loss to you. It is worth the efforts. Contact Us Harish Chand [Authorised LIC Agent] 9811896425 9212201725 www.delhilicagent.com harishchand@in.com

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    Attribution Non-Commercial (BY-NC)
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    Markieren Sie unangemessene Inhalte
    11 Ansichten2 Seiten

    Tax Saving Plan

    Hochgeladen von

    Harish Chand
    Why Insurance Almost each one of us has bought or plans to buy life insurance. The usual process is contact an insurance agent who helps you estimate the policy value and goes ahead and buys the policy on your behalf. So you feel good that you now have a life policy showing how much you worth! Take a step back before you buy that policy. Have you ever considered buying more then one policy value you desire? There are some great gains in doing so. These are.... During Financial lows If you go through a situation where you are financially constrained to surrender your life policy, you will lose the cover for the entire policy even if you do not need the entire surrender value of the policy. For instance if your policy's surrender value is Rs 10 Lakh and you need Rs 4 Lakh cash, you will have to cancel the entire policy and lose life over completely. had this policy of Rs 10 lakh been taken as 2 policies of Rs 5 lakh each, you could have surrendered just one policy. You would still remain covered for Rs 5 lakh! Distributing your estate Breaking up your life policy help in this count too. Taking the same example, instead of having one Rs 10 lakh policy, having 2 Rs 5 Lakh policies helps allocate your estate among your children ( this is an ideal situiation if you have 2 children - each child gets proceeds from one policy). Taking a loan You can use your life policy as a pledgeable security while taking a loan. Lenders as well as the insurer usually offers loans up to a specified percentage of the surrender value of the policy. If you dont need a loan to the extent of the amount you are eligible for, you will still have to offer the entire policy as security to the lender till the repayment of the loan. During the period the policy remains with the lender, he is eligible for all the rights to the policy. However if you break up your policies, you need to pledge only just that many policies to raise the necessary loan. Tax Benefits Section 88 of the Income Tax Act states that premium paid on a life policy is eligible for tax rebate. The beneficiary may be different from the premium paying person. For instance your wife can pay premium for your policy and claim the tax benefit. Breaking up for life policy helps in this case too. If the premium paid on a consolidated policy is higher than the amount of rebate you need, you can break the policy to claim the entire tax rebate. This can be done by another tax paying family member paying the premium for one policy and claiming the rebate. Meeting your life goals You can divide your life insurance portfolio into a number of policies spread over different tenors to give you a stream of steady income to take care of your life's financial commitments like children's education and marriage, buying property, asving up for your old age etc. Check out specific plans structured by insurers specifically for these purposes. What if you have already taken a consolidated life policy? Dont despair. You can break it to peices! contact your insurance agent to guide you to doing so. By paying a small sum to the insurer, your policy can be broken up into more than one, without any loss to you. It is worth the efforts. Contact Us Harish Chand [Authorised LIC Agent] 9811896425 9212201725 www.delhilicagent.com harishchand@in.com

    Copyright:

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    von 2

    Insurance Proposal for Mr.

    Harish Chand

    Invest Rs. 50742 NOW


    Get TAX FREE
    amount of Rs. 66220*
    after 6 years
    -: PLUS :-
    Section 80 CCE Rebate of
    Rs. 3236 for 6 years

    Presented by
    Harish Chand
    LIFE INSURANCE CORPORATION OF INDIA
    Delhi LIC Agent
    PH. 09811896425, 09212201725
    help@delhilicagent.com
    www.delhiLICagent.com * Conditions apply. Refer to illustration page for details
    Harish Chand
    LIFE INSURANCE CORPORATION OF INDIA

    Delhi LIC Agent


    PH. 09811896425, 09212201725
    help@delhilicagent.com
    www.delhiLICagent.com

    MagicPlan - Tax Bomber

    Quotation Ref.No. : HC002 Quotation Date : 05/07/2010


    Proposer’s Name : Mr. Harish Chand Proposer’s DOB : 28/10/1982 Age : 28 (ANB)

    Sec.80 CCE Invt. Lmt. : Rs. 100000 Sec.80 CCE Tax Rebate : 33.99 %

    u Under the MagicPlan TaxBomber scheme, you will make a single payment of Rs.50742 for
    Endowment With Profits policy of Rs.55000
    u The policy is of 6 years with premium term of 6 years
    u Out of the total single payment made by you, first yearly premium of Rs.9521 will be paid
    immediately and the remaining money will be kept as deposit with LIC for 5 future premiums.
    u By virtue of making advance payments of 5 premiums to LIC, you will benefit by receiving a
    discount of 5% on future premiums
    u The year by year benefits under this MagicPlan TaxBomber is illustrated below :

    Payment Premium Tax New Loan Total Loan Returns


    Year Age Risk Cover Made Adjusted Saved Available Available From L.I.C.
    2010 28 56870 50742 9521 3236 0 0 0
    2011 29 58740 0 9521 3236 0 0 0
    2012 30 60610 0 9521 3236 14500 14500 0
    2013 31 62480 0 9521 3236 8500 23000 0
    2014 32 64350 0 9521 3236 9000 32000 0
    2015 33 66220 0 9521 3236 17250 49250 0

    57126 19416

    In the year 2016 the Policy matures with a TAX-FREE maturity value of Rs. 66220

    u Bonus rate of Rs. 34.00 per 1000 with a Step rate of Rs. 0.00 has been assumed in the above
    illustration
    u The Loan figures shown in this chart are calculated on the current surrender value rates

    Yield on investment : 10.94 %

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