Tax Benefits Insurance Plans

Risk of loss is a factor which detains everyone from achieving pecuniary gain. Risk of losing money holds you from investing in any business endeavor. Therefore the only, one option left for you if you want to transfer your risk factor to someone else in exchange of money is insurance. All the insurance companies are expert in these fields. They will charge you a nominal amount of premium fee, and against that they will provide you money right on time of your need. Therefore if you get yourself or your business entity insured then you can get a peace of mind and can easily proceed with business risks. Medical insurance is a growing sector these days as it ensures you with money when, it is of an utmost need. But medical insurance does not covers you if you have severe disease like diabetics, cancer etc.

These days the insurance companies provides insurance policy for almost every risk oriented sectors. They secure you from fire risks to political risk too. Nowadays vehicle insurance is a mandate for every vehicle owner as chance of risk is very frequent in that sector. But before choosing your insurer you should always go through their policy rules and try to avoid investing in insurance companies who has very stringent claim policy.

One of the main reasons why people opt for insurance policy is that it ensures you tax benefit. Through getting an LIC Iife insurance policy you can pay tax and get yourself insured both at the same time. But all insurance company does not provide tax benefits. Only some which are registered with government or nationalized insurance companies provides so. These insurance companies offer different tax benefits for HUF and individuals.

According to section 80d of Income Tax Act you are entitled to certain benefits if you invest your money in governmental insurance companies. Several insurance companies offers several percentage on benefit but most of them settles at least 15,000/- of tax benefit on a premium payment of 50,000/-. Always ensure from your insurance agent regarding the extent of tax benefit that you will get, they will provide you with a certain amount which will be deducted from your total income. These days a lot of insurer are getting insured only to get tax benefit as an assesses because Life insurance policies assures a greater tax benefit that the mutual funds. Some mutual funds also provide benefit in tax but mutual fund investments are subject to market risk whereas there is no risk available if you insure yourself. By this way you can protect yourself from the risk of loss and at the same time you will get tax benefit too. 

LIC Jeevan Nidhi Plan :-

You can get higher cover, a smooth return, liquidity, and a lot of flexibility under one policy i.e. LIC Jeevan Nidhi Plan. It has perfect features with tax benefits which is planned by LIC .It has two components: Maturity Sum Assured (a fixed component), plus Loyalty addition (variable), which depends on performance of scheme. If you want to get saving plus security then go for LIC Jeevan Nidhi Plan 818. LIC has always given you such insurance plans that are suitable for you always, in form of Jeevan Nidhi Yojana. The monthly contribution is very affordable i.e. Rs.250 only. So go for it.