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Tax
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| Rebate is available under Section 80C of Income Tax Act, 1961. For the financial year 2008-09, the basic income tax exemption limit has been raised from Rs. 1,10,000 to Rs. 1,50,000. The exemption for women asseesees has been raised from Rs. 1,45,000 to Rs. 1,80,000, and for senior citizens it’s raised from Rs. 1,95,000 to Rs. 2,25,000. |
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| Under Section 80CCC, where you have paid premiums for any pension plan, you will receive pension from a fund referred to in Section 10(23AAB). You will be able to avail a deduction of upto Rs. 10,000 from the total income. |
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Please note that the maturity proceeds of life insurance policies are not taxable. Under pension plans, you can even withdraw up to one-third of the total maturity amount in cash and the same would be tax-free.
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Life insurance premium paid by you for your wife/husband's policy qualifies for a deduction under Section 80C of the Income Tax Act, 1961. For financial year 2008-09,
all classes of assesses are entitled to additional relief under Section 80D. If the medical insurance premiums are incurred for the benefit of the taxpayer's parents,
the maximum exemption under section 80D will be Rs. 50,000 instead of the earlier Rs. 15,000.
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If you chose to discontinue a Unit Linked Insurance Plan, you are not entitled to any tax benefits.
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Under Sec 80D you will be able to claim tax benefits on premium paid for any medical/health insurance. Qualifying amounts under Section 80D is up to Rs. 15,000.
However, a higher amount of up to Rs. 20,000 is allowed if the person, for whose health insurance the premium was paid, was resident and aged 65 years or more at
any time during the financial year in which the premium was paid.
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Service tax is applicable, on the risk cover & fund related charges towards management of investments of Unit Linked Insurance Products included in life insurance
premium in accordance with Section 65(105)(zx) of Finance Act 1994, as amended by Finance (No.2) Act 2004 and Section 65(105)(zzzzf) of Finance Act 2008 (inserted w.e.f. May 16,2008)
respectively, at the applicable rates and the same would get deducted by way of cancellation of units."Service tax is applicable, on the risk cover & fund related charges
towards management of investments of Unit Linked Insurance Products included in life insurance premium in accordance with Section 65(105)(zx) of Finance Act 1994, as amended by
Finance (No.2) Act 2004 and Section 65(105)(zzzzf) of Finance Act 2008 (inserted w.e.f. May 16,2008) respectively, at the applicable rates and the same would get deducted by way of cancellation of units.
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The risk cover includes charges towards mortality/morbidity while the fund related charges shall include premium allocation, policy administration, fund management,
switching, partial withdrawal and redirection charges which are levied for services provided by the insurer to the policyholder in relation to management of investments under unit linked insurance business.
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| "Loans are provided by JRG Fincorp, a subsidiary of JRG Securities Ltd" |
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