As per Section 10(10D) of the Income Tax Act, 1961, death benefits are always tax-free. Maturity benefits, however, are taxed based on the premiums.
There are two primary kinds of No-Claim Bonuses that you can take advantage of in a health insurance policy.
Life insurance is the fastest and easiest way to ensure that your family remains financially protected. It can clear debts, pay for a child’s education, bear medical expenses, and secure the business and assets of a family.
It is better to revive a lapsed policy rather than buying a new one
Before opting for a health policy, individuals should go through the entire specifications of the product, including the coverage, exclusions, waiting periods, and sub-limits, if any, along with the premiums, and opt for a product only after evaluating their requirements.
Health Insurance, often known as medical insurance, covers medical expenses that arise due to an illness, injury and/or accident.
Given the high inflation, especially in healthcare, many people who have a basic health insurance cover often consider buying a top-up plan. This is intended to ensure adequate financial protection even when medical expenses rise. However, will it work according to your plan? Not necessarily.
Notwithstanding the level of success you achieve, its longevity cannot be guaranteed. Among other things, permanent disability or death — the God may forbid — can throw all your plans and financial security of your family out of gear.