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What is the Mandatory Holding Period on Insurance Policies to avail tax banefits in India?
Anandvijayakumar
As per the Indian IT Laws, any Tax Payer, who claims tax deductions under Sec 80C using life insurance policies, is expected to pay his/her insurance premium for a minimum period of 2 full years. For a single premium policy if the contract is terminated within two years of the commencement of insurance then the benefit already taken would have to be reversed. The consequence of not fulfilling the holding period is that there is no benefit for the current year for the premium paid and all the previous benefits are reversed with the amounts being considered as income
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∙ 12y ago
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Do Insurance Policies Really Help Save Tax?
Unfortunately, the whole situation isnt all black and white. There are few catches on the tax benefits you can get from policy premium paid.They are: 1. Name of the Person on whom the Policy is Taken 2. % of Premium Amount that is Eligible for Tax Deduction 3. Mandatory Holding Period
Where can one find out more information about universal life insurance rates?
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The requirements for auto insurance vary based off of what state you live in and what company you are currently holding insurance with. In order to find out about these, ask.
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Different people in different Places. Technically, Torchmark owns the company. But the policies are sold by different "agencies' which claim to be a part of the American Income Life Insurance company. Most legitimate insurance agencies either work directly for the company (i.e. New York Life, Aetna, or State Farm) or they work as Independent Underwriters who deal with a wide range of insurance companies to meet the needs of their individual clients. If the Holding company owns the Insurance company that owns the Agencies that own the Offices, what we have here is a Pyramid Scheme!
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