Tax benefits : The premiums paid towards the LIC Jeevan Labh policy is exempted from income tax under the Section 80C of the Income Tax Act,1961. Besides, the maturity amount receivable is also tax free under Section 10(10D).
Is maturity amount from LIC taxable?
The premium of Rs 45,000 exceeds 10% of the sum assured. Therefore, the insurance maturity proceeds are taxable, and not entitled to exemption under section 10(10D) of the Income Tax Act. … Since the maturity payment is above Rs 1 lakh, the insurance company is liable to deduct tax on the maturity proceeds.
Which LIC policy is best for tax benefit?
LIC Jeevan Umang. As one of the LIC best plans, LIC Jeeva Umang is a participating, non-linked, individual whole-life insurance plan which offers the combined benefit of income and protection to the family.
How can I check my LIC maturity amount?
Step 1:The insured needs to visit the official website of LIC. Step 2:On the home page, the user can select the option of “New User.” Step 3:In the next step, he can fill up his personal details such as name, date of birth, policy number, mobile number, email address, etc.
What is the benefit of Jeevan Labh?
Key Features of LIC Jeevan Labh
| Plan type | Non-linked endowment plan with limited premium paying term |
|---|---|
| Basic Sum Assured | Minimum – Rs.2 lakh Maximum – No limit Basic Sum Assured are in multiples of Rs.10,000 only |
| Policy coverage | Maturity Benefit, Death Benefit, Simple Reversionary Bonus and Final (Additional) Bonus (if any) |
Which is the best LIC policy in 2020?
Top 6 LIC Plans In India 2020
| LIC Plans | Type of Plan | Policy Term (in years) |
|---|---|---|
| LIC New Children’s money-back Plan | Traditional money-back Child Plan | 25 years – Age at Entry |
| LIC New Jeevan Anand | Endowment Plan | 15 – 35 |
| LIC Jeevan Umang | Whole Life + Endowment Plan | 100 – Age at Entr |
| LIC Jeevan Labh | Endowment Plan | 16/21/25 |
How much commission do LIC agents get?
There isn’t any fix salary from the LIC for the agents. Though, Agents earn the commission for the policies they sale. LIC offers 25% to 35% commission on the policy premium for the first year, then 7.5% for 2nd & 3rd Year + 5% till the policy maturity.
What is better LIC or PPF?
While LIC policies serve the purpose of insurance, a PPF serves the purpose of savings. PPF is a Public Provident Fund meant for long-term savings and retirement.
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PPF VS LIC.
| Points | LIC | PPF |
|---|---|---|
| Tenure | Flexible | 15 years |
| Premature closure | Premature closure allowed with penalties. | Premature closure not allowed. |