Sentences with phrase «policy proceeds»

IRREVOCABLE BENEFICIARY: A named beneficiary whose rights to life insurance policy proceeds are vested and can not be canceled by the policy owner unless the beneficiary consents.

Most life insurance policies are designed to specify the beneficiaries of the policy proceeds.

While there are a number of other payment options that can be chosen by the owner of the policy prior to the death of the insured, in the absence of that choice, policy proceeds are always provided as a lump sum.

Premiums paid under this policy, qualify for the tax benefits as per Section 80C and the policy proceeds qualify for tax benefits under section 10 (10D) of the Income Tax Act.

It states that if the life insured commits suicide within the first year of the commencement of the policy, the insurance company is not bound to pay the policy proceeds.

Premiums payable under this plan can avail tax benefit under section 80C of the Income Tax Act and the policy proceeds is eligible for tax benefits under section 10 (10D) of the Income Tax Act, 1961.

This exclusion says that in the event the death of the life insured happens due to the involvement in certain dangerous adventure activities like auto racing, rock climbing, hang - gliding, etc., the payment of the policy proceeds will not be paid.

The premiums paid under the policy is eligible for tax deduction under section 80C and the policy proceeds can avail tax exemption under section 10 (10D) of the Income Tax Act, subject to change in tax laws.

Premium paid under this plan is eligible for tax benefits under section 80C, policy proceeds under section 10 (10D) of Income Tax Act.

You may also select how the policy proceeds can be disbursed in case of your death.

This insurance company pays the policy proceeds to your nominee in the event of your death during a policy term, but if you survive till the maximum maturity age the company will provide the maturity benefit as well.

This policy provides tax benefits for premiums paid under section 80C and the policy proceeds under section 10 (10D) of the Income Tax Act, 1961.

The premium payments qualify for the tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

The premium payment for the plan is eligible for tax benefits under section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Premiums paid under this policy is eligible for tax benefits under section 80C and the policy proceeds can avail tax benefits under section 10 (10D) of the Income Tax Act, 1961.

If there is an error in underwriting, such as the insured being given non smoker rates when they admitted on the application that they smoked, the company will simply charge smoking rates for the policy and remove the excess uncharged rates from the policy proceeds.

Premiums paid under this plan can avail tax benefits under Section 80C of the Income Tax Act, 1961 and the policy proceeds can also get the tax benefits as per Section 10 (10D) of the said Act.

Under this plan, the premium payment is eligible for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled to the tax exemptions as per Section 10 (10D) of the Income Tax Act.

Tax Exemption u / s 10 (10D): The policy proceeds such as death benefit, maturity benefit, bonus (if any) under a child plan, not only offers financial assistance to your child, it also provides tax exemptions on policy payouts under section 10 (10D) of the Income Tax Act.

It will provide that if both the policy and the rider are in force until the maturity date of the policy (usually at age 100), the policy proceeds will be paid at the death of the younger insured.

If the policy proceeds are not eligible for exemption under Section 10 (10D) of the Act and your total payout value (policy proceeds due to you from Exide Life Insurance) for a financial year exceeds Rs. 1 lakh, then the tax deductions will be as under:

If the employee dies, the business receives policy proceeds.

Prior to donating life insurance policy proceeds or dividends to a charitable organization, there are some important factors to consider.

The policy proceeds (assuming the policy is in force at the time of death) are paid according to the designated beneficiary (ies), and the contract ceases to exist..

The death benefit is also called the coverage amount or policy proceeds, but we'll stick with death benefit to keep things simple.

You can plan for your loved ones» recurring expenses by opting for disbursement of policy proceeds in annual instalments

But the policy proceeds can do so much more, such as pay off the balance of a mortgage, make up for a breadwinner's lost income, or fund a child or a grandchild's future higher education costs.

Step 3: Enter details regarding how you want your family to get the policy proceeds at the time of claim either the lumpsum payout which is equal to the sum assured or Level / Increasing monthly income term plans or Return of the premium amount at maturity, etc..

In case of a death claim, the policy proceeds will be tax - free irrespective of the premium limit specified.

This clause states that if the insured commits suicide within the first year of the commencement of the policy, the insurer is not liable to pay the policy proceeds.

A policyholder can also avail tax exemption under Section 10 (10D) towards the policy proceeds, as applicable under the policy.

Life policies issued on or after 1st April 2012, the amount of annual premium payment should not exceed 10 % of the opted sum assured to avail exemption on the policy proceeds.

Step 3: Here, you need to mention whether you want your family to receive the policy proceeds as a lump sum, or Level / Increasing monthly income or Return of the premium amount at maturity.

Some term plans in the industry offer an option to distribute the policy proceeds partially as a lump sum pay out and the remaining in the form of monthly income to the family in your absence.

Under this plan, the premium payment qualify for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Under section 80C, you can get tax benefits towards the premium amount you pay for running the policy and 10 (10D) is applicable for policy proceeds your nominee receives.

When a person insured by a life insurance policy dies during the term of the policy the proceeds are paid to the beneficiary or beneficiaries.

You may claim for your policy proceeds of the Child Plan at its maturity, when the policy term is finished and the policy is in force.

Also, federal gift taxes and state inheritance taxes may apply to life insurance policy proceeds under certain circumstances.

The accelerated benefits options in a life insurance policy provide that all — or a portion of — the policy proceeds will be paid to the insured upon the occurrence of specified events.

Dangerous Adventure Sports: This exclusion says that in the event the death of the life insured happens due to the involvement in certain dangerous adventure activities like auto racing, rock climbing, hang - gliding, etc., the payment of the policy proceeds will not be paid.

The premium payment under the plan is eligible for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Suicide clause: Insurance companies are not liable to pay the policy proceeds, if the insured commits suicide within the first year of the commencement of the policy.

This plan offers tax benefits as per Section 80C of the Income Tax Act for the premiums paid and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act, subject to the provisions stated therein.

The ability to take policy loans is also an attractive feature when the plan is to utilize life insurance policy proceeds for investing in real estate and other income producing assets.

However, as long as the primary beneficiary lives, they retain the right to the policy proceeds.

The fact that you used (or were contractually obligated to use) the policy proceeds (including the gain) to pay off a personal loan was a separate matter.

Upon learning that you have become a beneficiary to a life insurance policy following the death of a loved one, take possession of the policy proceeds at once in full, to avoid taxable interest.

Case 1: Upon death of the insured Insurance policy proceeds received by the family members in the event of death of the policy holder is completely tax exempt under section 10 of income tax act.

The death benefit also remains level and is paid out free of income taxes at the death of the insured... unless you make your policy proceeds part of your Estate.