insurance policy

The amount on claim or maturity under a keyman insurance policy is not exempt under Section 10 (10D) of the Income Tax Act if the company is paying the premiums. However, in case the policy has been assigned to the keyman and the keyman is paying the premiums, then the claim/maturity proceeds are exempt under Section 10 (10D). Full Article

India’s largest distribution network with 1.55 lakh offices has been thrown open to the insurance industry with the industry regulator allowing IndiaPost to sell policies of multiple insurance companies. This opens a new distribution channel for insurers who have been desperately trying to poach bank distributors from rivals to increase their reach. Full Article

Assignee of a policy holder would be liable for deficiency in service if an insurance policy lapsed as a result of non-payment of premium in time, the National Consumer Commission has held. The apex consumer body held the Employment Provident Fund Commissioner (EPFC) responsible for deficient service for failing to deposit the premium of a policy holder to the LIC in time, which led to repudiation of claim by the company. Full Article

The Delhi High Court has ruled that a comprehensive insurance policy for vehicles also covers the pillion rider on a two-wheeler and passengers in a car. Following the ruling, all 17 insurance companies providing insurance to two-wheelers and four-wheelers have also agreed to implement it earnestly and immediately. Full Article

Life Insurance provides risk cover which no other investment option offers. Following are the advantages of Life Insurance: It provides full protection against risk of death. Encourages and forces compulsory savings as the saved money cannot be withdrawn and premium has to be paid regularly. Provides loan to tie over a temporary difficult phase and is also acceptable as security for a commercial loan. Provides tax benefits to policyholders. Hedges risk against uncertai.. Full Article

RBI/2009-10/ 127 —RPCD.SP.BC.No 12 /09.01.01/2009- 10 August 24, 2009 The Chairman /Managing Directors, All Indian Public Sector Banks(Excluding RRBs) Dear Sir/Madam, Increase in exemption of collateral security in respect of individual and group loans under  Swarnjayanti Gram Swarozgar Yojana (SGSY) Scheme Please refer to our Circulars No.RPCD.SP.BC23/ 09.01.01/ 99 -2000 dated September 1, 1999 and RPCD.SP.BC.113/ [...] Full Article

18 Additional deduction for health insurance premium paid for parents 18.1 Pre-amended section 80D of the Income-tax Act provides for a deduction of up to fifteen thousand rupees to an assessee, being an individual or a Hindu undivided family. The deduction is allowed for making a payment to effect or keep in force an insurance [...] Full Article