For a nominal premium, a Pure Term Insurance policy protects the family of the Life Assured from financial crisis in case the Life Assured is no more. There are two more policies which covers the financial risks an individual or a family faces in case of an accident or critical illness, wherein, the cost involved is not only very high but will be spread over a longer period. Continue reading How well can critical illness and personal accident policies protect you?
When you want to lead a life of complete peace of mind, you need something better than just luck. Insurance policies provide you a high level of financial comfort in any emergency, at a nominal price. Insurance is such an inclusive product that people from all walks of life with varying premium paying capacities can get a certain amount of protection. here are the 4 most important insurance policies you must have: Continue reading 4 Insurance policies you must have
With the recent revision of Income Tax slabs, the scope of investments through various Tax saving instruments has widened giving thrust for ‘Goal based’ savings for each individual in tune with their requirements. The very concept of giving Income Tax rebates for Insurance premiums was introduced with the twin objective of mobilizing ‘peoples money for peoples welfare’ and for inculcating the habit of small savings to meet various goals of one’s personal life like children’s education, construction/purchase of house and for creating corpus fund for retirement. Continue reading Income tax benefits of having Insurance
Health Insurance offers financial protection to the policyholder for any unexpected and unplanned Hospitalisation, for the sum insured under the policy. A Health Insurance Policy can be taken by anyone free from mental and physical disorders, who is above 18 years of age and is generally available from a sum insured of Rs.1 lakh onwards. Health Insurance is required for meeting expenses arising out of unforeseen Medical Emergencies. The following Health Policies are available in the market: Continue reading Types of health insurance policies
Motor Insurance is an agreement between the insurer and the insured, wherein, the insurer provides financial cover for the vehicle and the insured in return pays premium annually according to the value of the vehicle. Motor Insurance provides protection for your vehicle against the financial loss and/or third party liability that could result as a part of accident or theft.
While insurance is primarily an expense that covers our emergency needs, it can also be used to reduce the amount on your taxable income. Here are the government mandated deductions allowed under the Income Tax Act, 1961.
IT Exemptions on Life Insurance Premiums:
Under Sec.80C of Income Tax Act, 1961 deduction is available for the premium paid on life insurance policies with a maximum annual ceiling of Rs. 1,00,000/annum, irrespective of the Gross total income, if the Sum Insured is 10 times of annual premium paid during the year. The details are as under: Life Insurance premiums paid in order to effect or to keep in force an insurance on the life of the assessee or on the life of the spouse or any child of assessee & in the case of HUF, premium paid on the life of any member thereof, under an insurance policy, (other than a contract for a deferred annuity) issued on or after the 1st April 2012 shall be eligible for deduction only to the extent of 10% of the actual capital sum assured. Continue reading Income tax exemptions for Insurance Premiums
When the best medical care is available to you, you would always opt for it. Unfortunately, such medical care often comes at a high price. Many families either lose their savings or go into debt to pay for medical expenses. It is in such instances that health insurance asserts its importance. Adequate health insurance helps you pay for otherwise expensive treatments, thus protecting your savings and giving you peace of mind. If the insured meets with an accident or requires treatment for conditions requiring hospitalization for more than 24 hours, health insurance comes to the rescue. Premiums paid (upto Rs. ) for self, spouse and children are eligible for tax exemption under Sec 80D of Income Tax Act 1956. Continue reading Everything you need to know about health insurance
Do you have life insurance? If yes, then how much does it cover? Is it sufficient to cover your family’s expenses for a few years in case you pass away? Did you know you can insure your key employees’ lives to protect your company?
Too many people put life insurance on hold. They think they don’t need it. They do not factor in how fragile human life is and so, in case of their untimely demise, leave their dependent family not just with emotional loss but financial uncertainty. Businesses that don’t buy life insurance for their key employees leave themselves open to risk. Continue reading Everything you need to know about term insurance
Everything that has a financial value can be insured against damage. If it is possible to insure goods and property, why not a sportsman? It is not unheard of for sports teams and players to insure themselves against injury because they have earnings to lose in such a case. In this hypothetical situation, we look at Cristiano Ronaldo, arguably one of the world’s best footballers. He is also one of the world’s highest paid athletes. It is reported that he makes nearly $80 million a year from endorsements and as a salary from Real Madrid. Reportedly, he is already insured by his club, Real Madrid. But if he weren’t then how much would he be insured for any what would his premium be? Take a look at the infographic below: Insurance can be a highly personalized product. While for a majority of us standard insurance policies are enough, for certain individuals, only customized solutions make sense. Obviously, as the risk gets higher, so does the premium. For most of us, this may never be a necessity but it’s good to know that whatever your need, you can find an insurance for it. Note: ZENMoney Insurance has done an approximate calculation of how much it could cost to insure Ronaldo. This is pure hypothesis and we are in no way linked to Cristiano Ronaldo.