LIC Life insurance policies are tax efficient! LIC Policy for Tax Benefit Why take the time and trouble to file a big chunk of your income when you could get an Income Tax exemption by Buying Tax saving LIC policy online? Buy LIC Policy Online We can help you select the best LIC Tax saving plans suitable for you.
Simple endowment plan where you pay premiums for a limited period of time and at the end of the policy term, you will get the Maturity Benefits
LIC Jeevan Labh Plan Buy LIC Jeevan Labh Policy Online provides a comprehensive life insurance cover and maturity benefit. This plan can also be described as a limited premium paying endowment assurance plan. What this means is that the policy holder does not have to pay a premium for the entire duration of the policy term. If the policy holder dies within the policy term, the assured sum and bonuses will be paid to the nominee as a death benefit. On the other hand, if all is well with the policy holder even after the policy matures, the sum assured and bonuses will be paid as a maturity benefit.
Get lumpsum tax-free maturity amount at the
readmore > end of the policy term readless
Limited premium payment plan, upto 9 years
readmore > premium holiday readless
Enjoy double Tax benefits, both on
readmore > premiums paid and returns readless
The premiums paid towards the LIC Jeevan Labh policy are eligible for Tax deduction under section 80C of Income Tax Act,1961. In addition to that Maturity/ Death claim received is also Tax free under section 10,10(D) of Income Tax Act 1961.
Most popular of endowment plans, it offers financial protection in the case of the death of a policyholder as well as the benefits of savings on survival
The LIC New Jeevan Anand Policy Best LIC Policy for Tax Benefit couples the benefits of a whole life insurance policy and an endowment policy. As the name suggests, it provides an insurance coverage throughout the life of an individual even after the plan has matured. As the term comes to an end, the policy holder will get the assured sum along with bonuses that have been accumulated. On his demise, his nominee will again be given the death benefit payout.
Get double benefit, Full payout at maturity and
readmore > again free risk cover for whole life readless
Enjoy double tax benefits, both on premiums paid
readmore > and returns readless
Easy liquidity by way of Loan or Surrender
The premiums paid towards buying LIC New Jeevan Anand policy is considered as a tax-free deduction under Section 80C of the Income Tax Act. One can claim a maximum deduction of INR 1.5 lakhs on this amount. The section 10 (10D) of the Income Tax Act allows us to put all the benefits received including death and maturity benefits
A traditional savings-oriented life insurance plan with insurance coverage against the risk of premature death.
The Endowment Plan LIC endowment plan tax benefit offered by LIC is a non- linked, traditional plan with profits and not linked to any share market. This plan has all the benefits like Protection, Savings and Tax exemption on premiums paid and also on Maturity.
Get lumpsum tax-free Maturity amount at the
readmore > end of policy term. readless
Enjoy double tax benefit, both on premiums paid
readmore > and maturity returns readless
Easy liquidity by way of Loan or Surrender
Life insurance premiums to the extent of upto Rs.1,50,000 are allowed as a deduction from your taxable income under section 80C. There is no tax on the maturity benefit received under section 10(10D)
Suitable as a Child plan as it offers dual benefits. Annual income of 10% of Sum assured till maturity in case of demise of policy holder during policy term
The LIC Jeevan Lakshya Plan is categorized as a With-Profits Endowment Assurance plan. This is a limited premium paying, non-linked plan. Premiums for this policy must be paid for 3 years lesser than the policy term. By being non-linked it guarantees an assured sum and bonuses as a maturity or death benefit. In case the policy holder survives the term of the policy, this sum will be paid as a lump sum maturity benefit. In the case of his death within the term of the policy, the nominee will receive 10% of the assured sum every year till the plan matures. Premiums do not have to be paid for the remaining policy term. On maturity, the nominee will again receive the sum assured and bonuses.
A complete family protection plan,
readmore > especially for your little one. readless
In case of unfortunate event : (a) Full waiver of
readmore > remaining premium (b) Annual income is paid every year to family (c) Lump sum amount is paid at the end of the policy term readless
Enjoy double Tax benefits, on Premiums
readmore > paid and all returns from LIC readless
All premiums paid on LIC Jeevan Lakshya policies qualify for tax exemption under Sec. 80C of the Income Tax Act. Also, the maturity amount earned by a policyholder is free from tax under Sec. 10D of the Income Tax Act.
A whole-life policy in which one gets a life cover till 100 years or one is alive. Plan provides fixed yearly amount (8% of Sum Assured/Year) after completion of premium payment
LIC Jeevan Umang Buy LIC Jeevan Umang Online is non-linked whole life with profits endowment assurance plan, which provides a guaranteed fixed Tax-free income @ 8% of Sum assured every year after completion of premium paying term till 100 years of age. On maturity or Death, a full Sum assured along with bonus is paid.
Get guaranteed tax-free income @ 8% of Sum
readmore > Assured every year for rest of the your life after premium paying term readless
Flexible premium payment options to choose from
readmore > 15,20,25 & 30 years readless
Enjoy triple tax benefits on: Premiums paid,
readmore > Pension & maturity amount readless
The premiums paid towards the LIC Jeevan Umang policy are eligible for Tax deduction under section 80C of Income Tax Act,1961. In addition to this, Pension amount and Maturity/ Death claim received is also Tax free under section 10,10(D) of Income Tax Act 1961
1. Which LIC policy is best for tax saving?
Life Insurance policies comes with great advantages i.e., apart from risk coverage and savings, It helps in Tax savings on the premiums paid under section 80C and also all maturity proceedings are Tax free under section 10, 10(d)
2. Can LIC be used for tax exemption?
Yes, LIC polices Best LIC Policy for Tax Exemption have dual tax benefits.
(1) Get tax exemption on premiums paid under section 80C
(2) Maturity amount is tax free under section 10,10D
3. Is LIC maturity amount tax free?
Yes, Maturity amount is tax free under section 10,10D.
4. If I pay a single premium to buy a LIC policy, LIC Online Policy Purchase would the premium be allowed as a deduction under Section 80C?
No.
5. Who is eligible for 80C deduction?
The section grants a deduction of up to Rs 1.5 lakh every year from an individual or HUF (Hindu Undivided Family)'s total income. The benefits of the deduction can be availed only individuals and HUFs(Hindu Undivided Family)
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1. What Will Happen If I Stop Paying Life Insurance Premiums, Will I still get tax benefits?
No, Tax benefit u/s 80C can be claimed only if premiums are paid.
2. Will I Get Life Insurance Tax Benefits When It Matures?
Yes, all Maturity proceedings are tax free under Income tax section 10, 10D.
3. What Will Happen If I forget to Pay Life Insurance Policy Premium on Time?
Usually you get a 30 days grace period from the due date. If more than 30 days, then simple interest will be charged on the due premiums. LIC Policy Premium Pay
4. Can NRIs claim deduction under Section 80C?
No
5. Can we take LIC policy as a NRI?
Yes, it can be done online.
6. Is LIC maturity amount taxable for NRI?
No, because all maturity proceedings will be transferred to local Indian bank account (or) NRE account only.
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LIC policyholders enjoy a sovereign guarantee on the sum assured and the bonus declared as per section 37 of LIC Act, 1956 which clearly states that "Policies to be guaranteed by Central Government - The sum assured by all policies issued by the corporation including any bonuses declared in respect thereof and, subject to the provisions contained in section 14 the amounts assured by all policies issued by any insurer the liabilities under which have vested in the corporation under this act, and all bonuses declared in respect thereof, whether before or after the appointed day, shall be guaranteed as to payment in cash by the Central Government."
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