Sentences with phrase «proceeds as a lump sum amount»
Commuting the maturity proceeds as a lump sum amount to the extent allowed under Income Tax act and balance amount to be utilised to purchase an immediate annuity from Future Generali India Life Insurance Co. Ltd. (FGILICL), which shall be guaranteed for life, at the then prevailing annuity rate.
https://life.futuregenerali.in/
Commuting the proceeds as a lump sum amount to the extent allowed under Income Tax act and utilizing the remaining amount to purchase an Immediate Annuity (guaranteed for life) from Future Generali India Life Insurance Co. Ltd. at the then prevailing annuity rate
Not exact matches
Secondly, if your beneficiary is not disciplined financially, receiving a large amount as lump sum payment being the proceeds from your life insurance policy may encourage him to spend the whole money carelessly.
The entire amount of the proceeds paid to you as a lump sum are considered taxable earnings.
In any event, irrespective of whether the life insurance proceeds are obtained as one lump sum or in an installment option, the primary amount of the proceeds is generally free to the beneficiary of federal income taxation.
As per DTC (Direct taxes code) the withdrawn lump sum amount is tax exempted but the maturity proceeds from annuity get taxed.
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.