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Ease of purchase is one of the most sought-after features of insurance. With the extensive usage of the internet among insurance companies, you can easily compare and purchase an insurance policy from the comfort of your home. To benefit the most, look for an insurance provider that allows online policy purchase and renewal.
An efficient insurance plan provides financial support when the need arises. Whether you face an issue with your car, bike, or health, may offer you abundant options. They also provide add-ons you can purchase separately to increase your insurance benefits.
When you approach an insurance company for a particular insurance policy, you can easily compare and purchase an insurance policy from the comfort of your home. To benefit the most, look for an insurance provider that allows online policy purchase and renewal.
Insurance provides multiple benefits to keep you protected, including risk control, peace of mind, wealth distribution, corpus creation, financial safety, etc. Choose the right insurance plan suitable to your needs and enjoy the benefits at their best.
Insurance companies announce various lucrative offers from time to time. These include no claim bonuses, discounted renewals, welcome bonuses, timely payment benefits, etc. Pay your premiums on time and avoid unnecessary claims to enjoy these benefits.
Insurance for every precious thing You can choose an insurance plan according to your needs. Whether you need insurance for your life, car, bike, health, or child’s education, you can easily find a plan that covers the related costs and provides the required coverage.
A cover for family An insurance policy not only covers the insured person but their entire family. For instance, in case of the insured person’s premature demise, their family gets the much-required financial support to sail through the tough situation. Health insurance plans are also available for entire families, where each family member gets coverage for whoever needs medical treatment.
The ease of insurance premium calculator Almost all insurance companies provide insurance premium calculators online. You can use one to calculate your premium amount and choose an insurance plan according to your budget.
Here is a list of benefits and importance of insurance you must know:
Apart from all the protection benefits mentioned in this guide, an insurance policy provides several tax benefits under various sections of the Income Tax Act. These are as follows:
1. Section 80C of the Income Tax Act, 1961: With a term insurance plan, you can maximise your tax savings by claiming a tax deduction of up to Rs. 1.5 Lakh per year for the premium paid.
2. Section 80D of the Income Tax Act: Section 80D deals with health insurance plans. The premium you pay to buy health insurance policies for yourself and your family is tax-deductible up to Rs. 25,000 under Section 80D. If you also pay premiums for your parents above 60, you can claim an additional deduction of Rs. 50,000, totalling Rs. 75,000 per year.
3. Section 10 (10D) of the Income Tax Act: The life insurance benefits the insurance company provides you or your nominee are tax-exempted under section 10 (10D) of the Income Tax Act without any caps.
This article is informative in nature and does not serve as solicitation material. Before purchasing an insurance plan, read the product brochures for terms and conditions, exclusions, warranties, etc. A financial advisor can help you make an informed decision regarding insurance purchases. Tax benefits are subject to amendments from time to time according to the Income Tax Act 1961.