A majority of Indians, when they think about getting life insurance, trust LIC. Thanks to its existence of more than 50 years, Life Insurance Corporation of India enjoys an unmatched domination in India over soliciting and selling life insurance. Though many other players have entered the market in the recent years, the name of Life Insurance Corporation of India still holds tremendous respect in the public mind. No wonder that the name has become synonymous with life insurance. If you too are thinking about getting a life cover, you can check various plans offered by this company.
In case you want your life insurance policy to offer coverage for your whole life and also provide endowment assurance, you can check LIC Jeevan Anand policy. The policy holder gets death cover throughout his/her lifetime, and receives the lump sum once the selected term ends provided he/she is alive. People seeking great maturity benefits along with lifetime risk cover have a lot to look forward to by choosing this policy. This policy shares the profit of life insurance business, which is distributed as bonus on every thousand of sum that’s assured annually. In case the policy holder suffers an accidental death, double benefits are provided without any additional charges. When it comes to maturity benefits, the sum assured along with the vested bonus is payable. Though LIC declares vested bonus each year, the amount is provided at the conclusion of the selected term or in case of death, during the selected term.
If you thought that Life Insurance Corporation of India is only about insurance, think again. LIC housing finance, established on 19th June 1989, has given new hope to potential home owners. The main objective of this company is to provide long term finance to persons for purchase / construction / renovation and repair of new / existing houses / flats. You can also get loans for your existing property for personal / business needs. Professionals can apply for loans to purchase / construct nursing homes / clinics / diagnostic centers / office spaces and also get finance for purchasing equipments.
Young executives, NRIs, pensioners – people belonging to different strata of society have benefitted from the finance options offered by this company, which boasts of one of the industry’s most widespread marketing network in India.
So, the next time you think about getting life insurance or applying for loans to purchase your dream home, think about the name that most Indians have trusted for years and still do.
Stay tuned to BellTheBull for more news on Life Insurance Corporation of India (LIC) !
The salaried people in India are hoping that there would be some relief for then in this year’s budget.
At a recent investor seminar, our finance minister, Mr. P Chidambaram, had hinted at relaxing the basic tax exemption limits.
Such a move will definitely help the salaried employee the most by enabling him to have more disposable income for his expenses.
I believe the following to be the top 5 expectations from a salaried employee from the 2013 budget:
- The basic tax exemption slab of Rs. 2 lakhs shall be increased to Rs. 2.5 or 3 lakhs. With this increase, our salaried class can save a lot of money and can further increase their purchasing power.
- One of the main components of salary is Transportation Allowance. This allowance should hopefully be increased in this budget. Tax free transport allowance is restricted to a maximum of Rs. 800/- per month or Rs. 9600/- per year. Considering the fact that there has been a fuel price hike since a number of years, transportation in India has become very costly and travel fares have been corrected many times. Therefore, it is imperative that this amount of Rs. 800/- per month be increased to something more acceptable to our general public.
- Now-a-days, a very heavy expense for any salaried employee is medical expenses. Currently, medical allowance to the extent of Rs. 15000/- per year is completely exempt from tax. However, considering the medical facilities that are now available in India and the costs associated with those, Rs. 15000/- per year will not be sufficient for even a family of 2 people. It is important that this figure be increased to at least a minimum of Rs. 20000/- so as to provide some more relief to the salaried employee. This current medical allowance exemption should be increased so that our salaried employees can save more tax while providing for good medical attention for their family.
- The interest amount paid on a home loan is exempted up to Rs. 1.5 lakhs only. This amount should also be increased as this exemption was brought about in 2001′s budget. But post this, in the last 10 years, property prices have gone up quite substantially in India. So considering the current prices of real estate in India, this miniscule exemption amount also should be increased to give all Indian individuals more freedom to buy their desired home and save more tax.
- So far an individual can only save up to Rs. 1 lakh under Section 80C. This limit is very less and has been at this limit since very long. Today, individuals salaries have gone up to a large extent, however the tax savings on such amounts are restricted. Let’s take for example an individual who is in the highest tax bracket of 30.9%. This deduction amount of Rs 100000/- under Section 80 C will lead to a maximum tax saving of Rs. 30900. This amount will not have much meaning to an individual whose salary runs in to lakhs of rupees. This limit should at least be enhanced to Rs. 150000/- and our Government should provide more tax saving options on Investments, Insurance and Pension Plans within this section.
These are few more expectations from the public which our Govt. is probably aware of and is also thinking of implementing to provide more taxation relief to our Indian tax payers. There might be many more things that can be added to this list, but if the aforementioned changes take place in this Union budget 2013-14 then our salaried employees should definitely be overjoyed as it will be a move
in the right direction.
Author Bio :
Aashish Ramchand is Co-founder of an e-filing and online tax advisory website. A chartered accountant by profession and passionate about Indian taxation advisory and love to write about the Indian tax system and its various nuances. He suggests to visit www.makemyreturns.com for more information.