Thursday 14 February 2019

Life Insurance - Taxability and tax exemptions

Life Insurance is a compulsion for anyone who has financial responsibilities. In addition to the basic life insurance amount, one needs to add cover as and when liabilities increase. Riders are additional benefits in a life insurance policy and are optional. Premiums paid towards insurance plan qualify for a tax benefit under the Income tax Act, 1961. In this article taxability and tax benefits are discussed with respect to life insurance policies only.
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