When you decide to surrender your LIC policy before maturity, it means that you want to prematurely exit from LIC’s insurance product before maturity. So you will now get an amount called as Surrender Value. To become eligible for surrendering a policy and the policy to have some surrender ...
To summarize the offering, in LIC New Jeevan Anand which is“a non-linked, participating, individual, life assurance savings plan”, you need to pay a premium for X number of years and then on maturity, you get a fixed sum assured plus bonuses. After the policy maturity the life cover s...
If you’re already claiming deductions for other items covered u/s 80C, such as LIC premium, the amount deductible for your contributions to ELSS will reduce accordingly. ELSS comes with a three-year lock-in period. Once you invest in an ELSS, you’ll always end up paying LTCG tax and ...
to a designated beneficiary ("Certain and Continuous" annuity); or (3) when the annuitant wants to make sure that, if he should die before his full investment has been distributed in monthly payments, an amount equal to the balance of the deposit continues to a named beneficiary ("Installmen...
When you stop paying premium but do not withdraw the money from the Insurance company, the company reduces all your benefits proportionality. The benefits like SUM ASSURED, MATURITY VALUE etc. But in case of Endowment & Money Back Plans Insurance Amount ceases to exist. You do not lose anythin...
value should be inflation-adjusted. Try to use only those instruments which provide tax-free returns like PPF and equity (through mutual funds). If the returns are taxable then the return amount will be added back to the parent’s income and taxed as per the slab in which the parent is ...
For instance, using artificial discount rates may obscure the fact thatinsurance liabilities are potentially exposed to considerable interest rate , many accounting valuation rules value assets and liabilities conserva-tively, which amounts to building hidden reserves. This is an open invitation toone ...