Today each and individual wants to live up the aspirations and dreams of his/her family and provide all kinds of comfort to them. For turning all the dreams into reality and fulfilling all the aspirations, one is required to identify all the different avenues for maximising their earnings as all aspirations and dreams have a price which needs to be paid.
While you cross several milestones in your life, you must ensure that there is no gap left for any unforeseen twist & turn. Here is when Life Insurance comes into play. Life Insurance is one of the important elements of a sound financial plan. An insurance plan can help to protect you and your loved ones in several ways against the cost of illness, death or disability.
For an individual there are three primary needs from a Life insurance policy viz.:
Protection: The non-existence of a bread earner could make things very disastrous. If you are insured at least you know that your dependents won’t have to face financial problems.
Life is all about proper planning. A proper plan can help you achieve your goals for yourself and your family. To have money in your bank account isn’t enough anymore, as the inflation eats away your hard earned accumulated funds. It doesn’t need to be that way; there are guaranteed returns plans which offer guaranteed maturity benefit and death benefit. The Edelweiss Tokio Life – GCAP life insurance plan puts your money to work for you. In today’s world of unpredictable market swings and complex financial products, this plan protects you from financial shocks and it offers you financial security –
These products work toward enhancing not just your wealth but also provide protection from risks. Such life insurance plans would help you in maximising your wealth that could be created from your income so that you could enjoy your life to the maximum. What distinguishes these plans from other life insurance plans are that with these plans; you enjoy guaranteed maturity benefit and death benefit together with GAA (Guaranteed Accrual Addition).
These life insurance plans are targeted at the customers looking to accumulate their wealth along with an insurance cover. Such plans provide guaranteed return benefits and also offer several options of policy terms; premium paying terms and also provide flexibility in maturity payout for suiting the needs of the customers. For instance, Edelweiss Tokio Life – GCAP life insurance plan offers a policy term of 10, 15, 20, 25 and 30 years and the premium paying term is 5, 7, 10 and 12 years.
This also works as Tax savings plans i.e. the premium paid under these policies are eligible for tax benefits [80C and 10(10D)]. If someone opts for Critical Illness Rider available with policy than they also qualifies for a deduction u/s 80D of the Income Tax Act.
Do you think CBDT should extend Tax Audit Report and relevant ITR Due Date? Please Comment, Vote, Retweet and Like.— Tax Guru (@taxguru_in) September 18, 2018