Something happened recently and very quietly, that can affect many life insurance policy holders in India, including you perhaps, to quite an extent. And that’s why we are putting up an article on it. The new Section 194DA in the Finance Bill 2014 makes life insurance companies deduct TDS from your life insurance policy benefits, if it does not qualify under Sec 10(10d). Read on to see if your life insurance policy is getting affected as well, and what you can do about it.
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In continuation with the earlier article “Should we exit an insurance policy through surrender or paid up?”, the best way to take a decision on whether to continue or exit your traditional life insurance policy, is by having a hard look at the numbers and weighing the options amply. We’ve used some live examples to give you direction.
The huge gap between expected returns from a traditional life insurance policy and what it actually delivers is very common. So while you may feel that exiting is the best idea, perhaps it may not really be that way. Here’s how to handle the situation and decide in the most logical way.
Recently the Govt. of India launched the Varishtha Pension Bima Yojana 2014-15 through LIC. At a superb annuity rate and the comfort of zero risk, you can’t ask for more. If you are a senior citizen (above 60 years) or have a parent who is >60 years of age, this article is a must read.
Traditional life insurance policies of LIC (and other insurance companies) declare all kinds of bonuses – Simple Reversionary Bonus, Guaranteed Additions, Loyalty Bonus, Terminal/Final Additional Bonus, etc. How do they all add up and give you returns overall – use this calculation to know how your LIC policy can benefit you.
Senior Citizen Savings Scheme (SCSS) is a good investment option for those in their golden years. The interest rate is good, there is guarantee and it is easy to operate. It works like an immediate annuity plan with quarterly income and return of investment after 5 years. Highly recommended for you if you are a senior, or for your parents. Here’s everything you want to know about the Senior Citizen Savings Scheme (SCSS).