life Insurance

 The exit age of a Public Provident Fund (PPF) account is determined by the maturity period of the account. The maturity period of a PPF account is 15 years from the end of the financial year in which the account was opened. It means that the PPF account will mature after 15 years from the date of opening. For example, if you opened a PPF account on any date in the financial year 2023-2024, the maturity period would be 15 years from the end of that financial year, which would be on April 1, 2039. Therefore, your PPF account would mature on April 1, 2039. Once the PPF account matures at the end of the 15-year period, you have the option to either withdraw the entire balance or extend the account in blocks of five years. If you choose to extend the account, you can continue making contributions, earn interest, and make partial withdrawals as per the rules during each five-year extension block. It's important to note that PPF is a long-term savings scheme, and premature closure of

According to the principles administering Public Opportune Asset (PPF) accounts in India, an individual is permitted to have just a single PPF account in their name. It implies you can't open more than one PPF account in your name at some random time. However, there is an exception to this rule for minors. A parent or legal guardian can open a PPF account on behalf of a minor child. In such cases, the child's PPF account is separate from the parent's account, and the parent can also maintain their own PPF account. It's essential to abide by the rules and regulations set by the government regarding PPF accounts to avoid any penalties or complications. If you have more than one PPF account inadvertently or due to any other reason, you should consider closing the additional account(s) to comply with the PPF rules. If you are unsure about your PPF account status or have any queries, it's advisable to consult with the bank or financial institution where you hold the

  The comparison between LIC (Life Insurance Corporation of India) and PPF (Public Provident Fund) depends on various factors, including your financial goals, risk tolerance, and investment preferences. Let's take a look at the key features of both LIC and PPF to help you make an informed decision: LIC (Life Insurance Corporation of India): Insurance and Investment: LIC policies offer both insurance coverage and an investment component. Traditional endowment plans provide life cover along with maturity benefits, while ULIPs (Unit-Linked Insurance Plans) offer market-linked returns. Guaranteed Returns: Some LIC policies offer guaranteed returns in the form of bonuses and maturity amounts. The returns are generally modest but stable. Tax Benefits: LIC premiums are eligible for a tax deduction under Section 80C, and the maturity proceeds are tax-free under Section 10(10D) of the Income Tax Act. Risk: Traditional LIC policie

Under Section 80C of the Income Tax Act, 1961, individual taxpayers and Hindu Undivided Families (HUFs) are eligible to claim deductions for certain investments and expenses up to a maximum limit of Rs. 1.5 lakh per financial year. The deductions under Section 80C are aimed at encouraging taxpayers to save and invest for their long-term financial goals. Here are the key eligibility criteria for claiming deductions under Section 80C: Individual Taxpayers: Resident individuals, whether salaried, self-employed, or professionals, are eligible to claim deductions under Section 80C. Hindu Undivided Families (HUFs): HUFs, which are separate tax entities consisting of family members, can also avail of the benefits under Section 80C. Investments and Expenses: The following are some of the eligible investments and expenses that qualify for deductions under Section 80C: a. Life Insurance Premiums: Premiums paid towards life insurance policies for self

  TDS stands for Tax Deducted at Source. It is a mechanism through which the government collects income tax at the source of income itself. Under the TDS system, a certain percentage of the income is deducted by the payer (the person/entity making the payment) and remitted to the government on behalf of the payee (the recipient of the payment). TDS is applicable to various types of payments, including: Salary: Employers deduct TDS from the salary of their employees before making the payment. Interest: Banks and financial institutions deduct TDS on interest income earned by individuals, such as Fixed Deposits, Recurring Deposits, and Savings Account interest. Rent: TDS is deducted by individuals or entities paying rent exceeding a certain threshold amount to a resident. Professional Fees and Commission: TDS is deducted by individuals or businesses making payments to professionals or commission agents. Lottery or Gambling Wi

Yes, LIC (Life Insurance Corporation of India) policies fall under Section 80C of the Income Tax Act, 1961. Section 80C provides tax deductions on certain investments and expenses, allowing taxpayers to reduce their taxable income by up to Rs. 1.5 lakh per financial year. Under Section 80C, the premiums paid towards life insurance policies, including LIC policies, are eligible for a tax deduction. The maximum deduction allowed under this section is Rs. 1.5 lakh per financial year. This deduction is available for the policyholder, their spouse, or any child's policy. However, there is a condition related to the premium payment to claim the deduction. For policies issued on or after April 1, 2012, the premium paid should not exceed 10% of the sum assured to be eligible for the tax deduction. For policies issued on or before March 31, 2012, the premium should not exceed 20% of the sum assured. It's important to note that the total deduction under Section 80C is capped at Rs.

 LIC (Life Insurance Corporation of India) policies offer tax benefits under various sections of the Income Tax Act, which can help policyholders save tax. However, the tax benefits are subject to specific conditions and limits. Here are some of the common tax benefits that LIC policies can provide: Tax Deduction on Premiums Paid: The premiums paid for life insurance policies, including LIC policies, are eligible for tax deduction under Section 80C of the Income Tax Act. The maximum deduction allowed under this section is up to Rs. 1.5 lakh per financial year. This deduction is available for the policyholder, their spouse, or any child's policy. However, the premium should not exceed 10% of the sum assured for policies issued on or after April 1, 2012, to be eligible for the tax deduction. Tax-Free Maturity Proceeds: The maturity proceeds from LIC policies are generally tax-free under Section 10(10D) of the Income Tax Act. This mea

The interest rate on LIC policies is not a fixed rate applicable to all policies. The returns and benefits of LIC policies are dependent on the type of policy you choose. LIC offers various types of policies, including traditional endowment plans, term insurance plans, money-back plans, unit-linked insurance plans (ULIPs), and more. Each type of policy may have different features and investment components, which can affect the returns. Here are some key points to understand about the interest rates or returns in different LIC policies: Traditional Endowment Plans: These policies offer a guaranteed maturity amount along with bonuses. The interest rate or returns in these plans are not explicitly mentioned, as they depend on LIC's performance and the applicable bonus rates for each policy year. Unit-Linked Insurance Plans (ULIPs): ULIPs provide market-linked returns based on the performance of the underlying funds chosen by the policyholder. The

The maturity proceeds from life insurance policies issued by LIC (Life Insurance Corporation of India) were generally tax-free under Section 10(10D) of the Income Tax Act, 1961. This means that any money received upon maturity of a life insurance policy, including the sum assured and any bonuses, would not be subject to income tax. However, there were a few conditions to be met for the maturity proceeds to be tax-free: The premium paid should not exceed 10% of the sum assured for policies issued before April 1, 2012. For policies issued after April 1, 2012, the premium paid should not exceed 10% of the sum assured for policies on or after April 1, 2013, and 20% of the sum assured for policies on or after April 1, 2012, but before April 1, 2013. In case the policyholder has surrendered the policy before the completion of the minimum prescribed period (usually two years for traditional policies and five years for ULIPs), the tax benefits wi

LIC, which stands for Life Insurance Corporation, is an Indian state-owned insurance group and investment company. It provides various life insurance products to individuals and groups. The calculation of premiums and benefits in LIC policies may vary depending on the type of policy, but here are some general principles on how LIC premiums are calculated: Age: The age of the insured person plays a significant role in determining the premium amount. Generally, younger policyholders pay lower premiums as they are considered to be at lower risk compared to older individuals. Sum Assured: The sum assured is the amount of coverage or the benefit that the policyholder's nominee will receive in case of the policyholder's demise during the policy term. The higher the sum assured, the higher the premium. Policy Term: The length of the insurance policy, known as the policy term, affects the premium amount. Longer policy terms may resul

 LIC (Life Insurance Corporation of India) is a government-owned insurance company that offers life insurance policies to individuals. In simple words, it is an organization that provides financial protection to people and their families in case of unfortunate events like death, disability, or critical illness. When you buy a LIC policy, you pay regular premiums, and in return, LIC promises to pay a sum of money to your family or beneficiaries if something happens to you during the policy term. It helps ensure that your loved ones are financially supported even in your absence. LIC is one of the oldest and most trusted insurance companies in India, known for its reliability and wide range of insurance products. [Note: This is not lic orginal website.This is  the only thing to shear information about lic]  Top of Form  

Life Insurance Corporation of India (LIC) holds several unique features and distinctions, contributing to its prominence and significance in the Indian insurance sector. Some of the key aspects that make LIC unique are: Oldest and Largest Insurer: LIC is the oldest and largest life insurance company in India. It was established in 1956 by the Government of India and has since been a dominant player in the life insurance market, providing insurance coverage to millions of individuals. Government Backing: LIC is wholly owned by the Government of India. This gives it a unique status and creates a sense of trust and security among policyholders. Social Responsibility: LIC has a dual objective of providing financial protection to individuals and contributing to the socio-economic development of the country. It invests a significant portion of its funds in government projects and initiatives, promoting the growth of critical sect

Yes, you can buy a LIC (Life Insurance Corporation of India) policy without the help of any LIC agent. LIC offers various channels through which you can purchase their policies directly. Here are some common ways to buy a LIC policy without involving an agent: LIC Website: You can visit the official LIC website ( https://www.licindia.in/ ) and explore the different policies they offer. Many LIC policies can be purchased online through their website. The process is straightforward and user-friendly. LIC Branch Office: You can visit the nearest LIC branch office and speak to the customer service representatives there. They will guide you through the available policies and help you with the application process. LIC Customer Helpline: You can call LIC's customer helpline to inquire about policies and get assistance with buying a policy. The helpline numbers can be found on the LIC website or other official communications. LIC

it is not possible to directly "transfer" one LIC (Life Insurance Corporation of India) plan to another LIC plan. LIC plans are individual contracts, and they cannot be transferred or merged with other plans. However, depending on the terms and conditions of your existing LIC plan, you may have some options available to modify or convert your current plan to a different plan. These options might include: Policy Conversion: Some LIC plans allow for policy conversion, where you can convert your existing plan to another eligible plan within the company. This usually comes with certain conditions and may involve additional costs or adjustments to benefits. Surrender and Purchase: You can surrender your existing LIC policy, i.e., terminate it and get the surrender value. With the surrender amount, you can then purchase a new LIC plan of your choice. Additional Policy Purchase: You can keep your existing LIC policy as it is and

Whether you should stop your LIC (Life Insurance Corporation of India) policy or not depends on your individual financial situation, insurance needs, and long-term goals. Here are some factors to consider before making a decision: 1.     Insurance Needs: Evaluate whether you still need the life insurance coverage provided by the LIC policy. If your insurance needs have changed, or if you have sufficient coverage through other means, you may consider discontinuing the policy. 2.     Policy Type: Different LIC policies offer various benefits and features. If you have a term insurance policy and no longer require the coverage, stopping the policy might make sense. However, if it's a policy with an investment component, like an endowment or a whole life policy, you should carefully assess the implications of stopping. 3.     Surrender Charges: Many life insurance policies, especially those with investment components, may have surrender charges if you terminate them before a speci

As a life insurance company, LIC (Life Insurance Corporation of India) collects premiums from policyholders and manages those funds to fulfill its obligations. Here's what LIC typically does with the money it receives from policyholders: Paying Claims: When a policyholder or their beneficiaries make a claim due to the occurrence of an insured event, such as the policyholder's death or maturity of the policy, LIC uses the collected premiums to pay out the claim amount. Investment: LIC invests a significant portion of the premium money it receives in various financial instruments and assets. These investments aim to generate returns and grow the funds available for meeting future obligations, such as paying out claims and providing policy maturity benefits. Operating Expenses: LIC uses a portion of the premium money to cover its operating expenses, including administrative costs, agent commissions, marketing, and

The comparison between LIC (Life Insurance Corporation of India) and private insurers depends on various factors, and it is not a straightforward answer. Both LIC and private insurers have their strengths and weaknesses, and what might be considered "better" can vary depending on individual preferences and requirements. Here are some key points to consider: Trust and Legacy: LIC has a long-standing history and legacy in India, having been established in 1956. It is a government-owned entity, and many people trust it due to its association with the government. This trust factor can be an advantage for LIC. Product Range: Private insurers often offer a wider range of insurance and investment products with more customization options to cater to different customer needs and preferences. LIC's product offerings may be comparatively limited. Customer Service: Private insurers are often known for their customer-centric approach and

  LIC (Life Insurance Corporation of India) held significant stakes in several companies across various sectors. Being a large and prominent investor in India, LIC's investments were spread across both public and private sector companies. Some of the notable companies in which LIC held significant stakes included: 1.     Public Sector Companies: LIC had significant shareholdings in various public sector enterprises in India, including some major banks like State Bank of India (SBI) and IDBI Bank, as well as other companies like ONGC (Oil and Natural Gas Corporation) and NTPC (National Thermal Power Corporation). 2.     Private Sector Companies: LIC also held stakes in several private sector companies, such as ICICI Bank, Axis Bank, ITC Limited, Larsen & Toubro (L&T), and many others. It's important to note that LIC's investment portfolio is subject to change over time as the corporation makes investment decisions based on market conditions, government policies

If LIC (Life Insurance Corporation of India) is privatized, it would entail a significant change in its ownership structure and management. Here are some potential implications and changes that could occur if LIC is privatized: 1.     Change in Ownership: Currently, LIC is owned by the Indian government, and its shares are not traded on the stock market. If privatized, the government would sell its stake, and private investors or companies would acquire ownership of LIC. 2.     Improved Efficiency and Competitiveness: Privatization could lead to increased competition as private companies strive to offer better products and services. The new private owners might bring in fresh capital and management practices to make LIC more efficient and customer-focused. 3.     Product Diversification: Private ownership may lead to the introduction of new insurance and investment products to cater to different customer needs and preferences. 4.     Technology and Digitalization: Private compa