Term insurance is a straightforward life insurance policy that provides coverage for a specific period, or 'term'; if the insured person passes away during this period, the policy's beneficiaries receive a death benefit.

A common mistake is assuming that the value of retirement savings will remain constant over time. For example, a ₹5 crore corpus today will lose significant purchasing power over 25 or 30 years due to inflation.

The insurance plans were launched on Monday by LIC CEO and MD Siddhartha Mohanty and will be available both available offline and online.

Any individual may submit an updated return, with certain exceptions, irrespective of whether they have previously filed an original, late, or amended return for the applicable assessment year.

ITR Filing Date 2024 Live Updates: The income tax return deadline might be extended beyond July 31. Fresh updates from Income Tax Department on ITR deadline extension! What we know so far about the current status and when to expect refunds after e-verification and processing of income tax return.

Taxpayers eagerly await budget announcements that will increase their disposable income. Here are a few of the main anticipations that taxpayers have for Budget 2024.

ITR Filing 2024: Penalty amount for filing income tax return after due date will be imposed. Taxpayers need to be alert as the deadline to file ITR is approaching fast.

It is crucial to remember that your financial information holds significant value, encompassing all your investments and earnings for the year. Here are several important considerations to bear in mind before disclosing your ITR details.

The existing standard deduction of Rs 50,000 is considered inadequate to address the rising expenses linked to the increased cost of living and, therefore, it is imperative to raise the limit of this deduction.

The Income Tax Department has issued a strong advisory to taxpayers, advising them against submitting income tax returns with inaccurate claims for exemptions and deductions.

Regularly monitoring your financial records and staying alert for any suspicious activities is crucial for early fraud detection.

In order to file a tax return online, you can access the new income tax portal logging in with PAN-based credentials and following certain steps that simplify tax filing process.

There are 7 ITR forms the Income Tax Department has notified, and often, taxpayers get confused which ITR form is applicable to them.

Taxpayers required to file their income tax return should take into consideration the following.

Currently, the benefit of section 80C is not available under the default (new) tax regime and it would be expected that this benefit be extended to even the default tax regime.

After the new government formation, the focus is now shifted to the Union Budget 2024-25. Taxpayers are hopeful that the Modi government will give them a tax relief in the upcoming budget. Experts too are of the view that FM Sitharaman would at least make some revision in deduction limits under Section 80C and 80D.

Every taxpayer should make an effort to mitigate their tax liability by claiming all the available deductions and exemptions at the time of furnishing their tax returns. However, such deduction/ exemption amount should be correctly computed after considering the tax regime, residential status etc.

Under Section 30 of the Indian Succession Act, if someone dies intestate, the court may issue a notice to invite claims over the property left behind after the death certificate is issued.

With a comprehensive financial retirement plan, it is easy to tide over apprehensions of exhausting the corpus that may have been built during the work years.

By working together, insurers, regulators, and stakeholders can further create a more inclusive and equitable insurance ecosystem that empowers women to protect themselves and their families effectively.

Having insurance coverage is crucial for managing a health emergency, but it’s equally important to maintain financial stability when faced with a health crisis. Often there are many confusions and doubts when you purchase a term insurance plan, but these can be addressed if you carefully assess your requirements

To qualify for GST refunds on health insurance, the proposer must be a Non-Resident Indian.

Understanding the reimbursement process and adhering to the necessary steps and documentation requirements is essential for a smooth and successful reimbursement claim experience.

Check for exclusions, deductibles & limitations in the insurance policies

Buy these add-ons early in life to get higher and wider coverage

Upgrade your policies as you move from one life stage to another.

LIC Jeevan Kiran (Plan 870): The Life Insurance Corporation of India (LIC) has launched a new plan named Jeevan Kiran.

Let’s understand differences between Term Insurance and Life Insurance, enabling you to make the right decision when choosing the coverage for your specific needs.

Personal recommendation from friends and family or a known agent is the top trigger for insurance consideration for approx. 80% of the respondents.

Life insurance helps to safeguard individuals and their family against financial risks because of untimely death. Life insurance policies can also be pledged to avail loans during any financial emergency.

LIC Dhan Vridhhi (Plan 869): The Life Insurance Corporation (LIC) of India has launched a new close-ended plan – LIC’s Dhan Vridhhi plan. Check key details

Individuals with a family history of diseases such as cancer or coronary artery bypass should opt for adequate critical illness cover. While a comprehensive health insurance policy provides coverage for expenses like hospitalisation, a critical illness policy will provide a lump sum benefit upon diagnosis of a covered critical illness, regardless of medical expenses.

If policyholders have higher income and can afford higher medical expenses, they can go for a higher deductible amount to lower the total premium payout.

Don’t just go for the policy with the lowest premium. Conditions could apply, and you could end up spending a lot more than you saved on the premium.

Most individuals are cognizant of the need to factor in inflation and rising medical expenses while planning for their life’s new chapter.

The policyholder can claim tax benefit of up to `25,000 under Section 80D for self, spouse and children year on year for the entire tenure of the policy.