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LIC Profile 2018

The Life Insurance Corporation of India came into being on 1st September, 1956, with the objective of spreading life insurance more than widely and in detail to the rural areas with a view to reach all insurable persons in the country, providing them adequate fiscal cover at a reasonable price .

From and so to at present, LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business organization. LIC continues to exist the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its ain past records. In its 61 years of being, LIC has grown from strength to force be its client base, agency network, branch office network, new business premium and has a meaning role in spreading life insurance widely across the country.

Best LIC Tax Saving Plans to Invest

Just because you got a salary increment exercise you really have to pay more taxes? Not really! Make the right investments and you could save money and lower your tax slab. The Life Insurance Cooperation of Republic of india (LIC) has a number of tax saving plans that you could cull from. The Jeevan Anand Plan, Jeevan Labh, Jeevan Lakshya and Jeevan Umang are some of the best LIC policies to invest in. Each LIC tax saving plan is dissimilar. Some are dependent on the share market while others are not-linked. Some are limited premium payment plans while others are lifelong plans. Whatever your needs may be, in that location is an LIC plan for you lot.

Why apply for a Tax Saving Plan?

Our Tax Saving Plans take twin advantages. LIC Premium payments are tax-free. Therefore, they lower your taxable income and in turn the amount of tax y'all need to pay. They are as well eligible for a tax rebate under section 80C of the 1961 Income Revenue enhancement Human activity. The maximum rebate available nether this department is Rs 1,50,000. Life Insurance Policies also help plan your future. Later all, you can't piece of work forever but y'all will however demand an income even after you retire. Depending on the LIC programme y'all use for and the premiums paid, you will receive an annual income for as long as you live. In the outcome of your demise, this policy volition safeguard your family'due south interests. LIC Tax Saving Benefits

Tax benefits of having an LIC policy can be provided nether many dissimilar sections.

Section 80C: The premium paid towards these policies is exempted from taxes under section 80C.
Section 80CCC: Policyholders who pay a premium towards annuity plans that guarantee a pension after retirement can accept advantage of tax benefits under department 80CCC. This can be availed of past the private assessee or HUF assessee.
Department 80D: When you apply for an LIC tax saving plans in the name of a handicapped person, you may claim tax exemptions under section80D. This is applicable for individual assessees and HUF assessees. The limit for this deduction ranges from Rs 50,000 to Rs 1,00,000 depending on the severity of the handicap.
Section 10(10D) Maturity benefits and decease claims of an LIC policy are exempted from taxes under section 10(10D).

In simple terms, an LIC tax saving policy helps you programme your finances today and protects your income in the future too.

Income Taxation Slab for twelvemonth 2017-2018(Assessment year 2018-xix)

Note :

The Tax slab rates may vary to current year.So given rates may change every twelvemonth.

TAX

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Why LIC Jeevan Tarun Is the Best Choice for Your Child's Education?

September 20th, 2018You'll exist quietly surprised to know virtually the current scenario hikes in the education fees of some of the premier institutes in India – be it Indian Institute of Management or Indian institute of Applied science (IIT). IIM-Ahmedabad has released the latest class fee construction shows that it volition cost Rs 19.5 lakhs for the 2-year