Sentences with phrase «under life insurance policy on»

Further, the lump sum payment received under life insurance policy on maturity is also exempt on meeting condition prescribed under section 10 (10D) of ITL.

Not exact matches

As a result, under IRC section 7702 Congress passed legislation that created limits on the amount of money that can be put into a life insurance policy in a set period of time.

Under certain circumstances, people who would otherwise be uninsurable on a single life insurance policy due to their health can be covered with another individual.

However, if a college student is under 26 years old, enrolled in classes and living in on - campus housing, the student may be covered under his or her parents» homeowners or renters insurance policy.

This created a massive population of universal life insurance policy holders that are now stuck with under performing policies and faced with a decision on how to not go without coverage.

If a policy of insurance has been or shall be effected by any person on his own life or upon the life of another person, the policyowner shall be entitled to any accelerated payments of the death benefit or accelerated payment of a special surrender value permitted under such policy as against the creditors, personal representatives, trustees in bankruptcy and receivers in state and federal courts of the policyowner.

As the National Association of Insurance Commissioners writes, college students under the age of 26 who live in on - campus housing (like a dorm) may be covered under their parents» policy.

The premium payment on Life insurance policy can be claimed as a tax deduction under section 80c.

Learn more about how life insurance benefits are paid out to beneficiaries and under what circumstances you may have to pay taxes on a policy's proceeds.

Under these provisions, a Vermont Life Insurance company can question any information you stated on your Vermont Life Insurance application for up to two years from the purchase of the policy.

Under these provisions, a South Carolina Life Insurance company can question any information you stated on your South Carolina Life Insurance application for up to two years from the purchase of the policy.

Legal and General Assurance Society Limited (LGAS) on the transfer by Nationwide Life Limited to LGAS of approximately 350,000 long - term insurance policies pursuant to a scheme under Part VII of the Financial Services and Markets Act 2000

For example, assume a male employee, age 40, entered into a split - dollar agreement with his employer before January 28, 2002, under which the employer pays all of the premiums, and in 2004 the employer paid a premium of $ 10,000 on a $ 1,000,000 life insurance policy insuring the life of the employee.

However, if a college student is under 26 years old, enrolled in classes and living in on - campus housing, the student may be covered under his or her parents» homeowners or renters insurance policy.

So, the rates can be 5 % to 15 % or more under what a standard life insurance policy will offer depending on a number of factors.

Depending on your country, there are various types of life insurance policies that cater to the life and death needs of customers, but within the United States, the two main categories of life insurance are: whole life insurance, and term life insurance — but there are several of kinds of life insurance listed under these two broad categories.

We typically recommend that anyone looking for over 50 life insurance should be under the age of 65 if they are going to look at a longer term on their policy.

All guarantees are based on the financial strength and claims paying ability of Security Life of Denver Insurance Company who is solely responsible for the obligations under its own policies.

Since that time he has reason to believe she has taken many life insurance policies out on him under the 10k limit telling him that he didn't need to be concerned or to sign anything since it was under that 10k amount.

All employer - owned or corporate - owned life insurance is specifically covered under IRS Code Section 1.264 - 1 (a) and states the premiums paid on the life of any officer, employee, or person financially interested in a business carried on by the taxpayer are not deductible where the taxpayer is directly or indirectly a beneficiary of the policy.

Under this type of plan, the employee purchases a permanent life insurance policy on his or her life.

This duty places a responsibility on the life assured to declare in utmost good faith, all material facts impacting the risk under the insurance policy.

Also, premiums paid on life insurance policy get tax deductions under Section 80C of the Act.

If you're currently living in Red Deer, Alberta, being covered under a Red Deer critical illness insurance policy should be high on your list of priorities.

Under a Life Insurance Contract in India, the insurer assures to pay a definite sum to the policyholder's family on his demise during the policy term.

Provides the benefit of waiver of all future premiums payable under the base Life Insurance Policy on the earlier occurrence of Untimely Death, Accidental Permanent Total Disability or Critical Illness.

Most personal belongings for students living on campus or off - campus apartments are covered under the parent's homeowners or renters» insurance policies, however, some policies may limit the amount of insurance coverage available.

The insurance policy under which you file your claim — and whether you're able to file a claim at all — will depend on the coverage you've purchased, the state you live in (and whether it has no - fault or fault insurance) and who was responsible for the accident.

The Corporation's book value shall be equal to the excess of the book value of the total assets of the Corporation, including any proceeds of insurance policies / excluding the proceeds of any insurance policies owned by the Corporation on the lives of its shareholders, over the book value of the Corporation's total liabilities, excluding the Corporation's liability under this Agreement to purchase the shares for which the purchase price is being measured, based on the Corporation's books and records.

Learn more about how life insurance benefits are paid out to beneficiaries and under what circumstances you may have to pay taxes on a policy's proceeds.

In fact, students who live in an on - campus dormitory will have most of their personal possessions covered under their parents» homeowners insurance policy, according to the Insurance Information Iinsurance policy, according to the Insurance Information IInsurance Information Institute.

For most young families or individuals under age 50, a term life insurance policy will be an ideal choice based on our experience.

There's also joint life insurance, which covers two people under one policy and is cheaper than buying a separate policy on each person.

Filed Under: Advanced Planning for High Income Individuals Tagged With: estate planning, gift taxes, gifting a life insurance policy, IRS regulations on gift taxes, life insurance, life insurance and estate taxes, life insurance and gift taxes, life insurance gift taxes, permanent life insurance, surrendering a policy as a gift

Under these provisions, a South Carolina Life Insurance company can question any information you stated on your South Carolina Life Insurance application for up to two years from the purchase of the policy.

A provision that if the insurance, or any portion of it, on a person covered under the policy, or on the dependent of a person covered, ceases because of termination of employment or termination of membership in the class or classes eligible for coverage under the policy, the person or dependent is entitled, without evidence of insurability, to an individual policy of life insurance.

How it generally works is that you pay a few extra dollars on top of your life insurance policy's monthly premium and then each of your current children under the age of 18 and any future children you may have are covered with a small amount (typically anywhere between $ 1,000 — $ 25,000) of life insurance coverage.

Furthermore, key man insurance and other employer - owned life insurance is specifically covered under Section 1.264 - 1 (a) and states the premiums paid for life insurance on the life of any officer, employee, or person financially interested in a business carried on by the taxpayer are not deductible where the taxpayer is directly or indirectly a beneficiary of the policy.

AAA insurance cost estimates are based on a full coverage policy for a driver who is under 65 years of age, has more than six years of driving experience, no accidents and lives in a suburban / urban location for a policy with $ 100,000 / $ 300,000 personal liability, $ 25,000 medical, $ 100,000 property and $ 25,000 / $ 50,000 uninsured / underinsured motorist coverage, with a $ 500 deductible for collision and comprehensive claims.

The IRS covers this in Section 264 (a)(1) and provides that there is no deduction allowed for premiums paid on any life insurance policy, or endowment or annuity contract, if the taxpayer is directly or indirectly a beneficiary under the policy or contract.

Available on a few life insurance policies, this is one of the disability riders for term insurance that will pay the policy owner a monthly income should whoever is insured under the rider be unable to work due to sickness or injury.

If you are under 65, we recommend you focus on a standard term life insurance or a no medical exam term life insurance policy.

Under these provisions, a Vermont Life Insurance company can question any information you stated on your Vermont Life Insurance application for up to two years from the purchase of the policy.

Unlike traditional life insurance policies, taxes on gains are regular income for MEC withdrawals under last - in, first - out (LIFO) accounting.

A permanent life insurance policy where cash value will fluctuate based on the performance of investments held under the cash account portion of the policy.

The policy insures two lives, typically a husband and wife, under one life insurance policy and pays a death benefit on the death of the surviving insured.

Dear Nisha, Each life insurance company approves the proposal based on certain policies & guidelines (under - writing rules).

One side provides the life cover which helps for the unforeseen events in life and on the other side premium paid towards the life insurance policy is eligible for deduction under section 80C.

Endowment policy: A life insurance policy in which the cash value and face value are equal to each other at the policy's maturity date; a policy under which the face amount is payable on a specified future date (maturity date) if the insured is then living, or at the insured's death, if that should occur sooner.

To further encourage the use of life insurance, Congress has also provided under IRC Section 7702 (g) that any growth / gains on the cash value within a life insurance policy are not taxable each year (as long as the policy is a proper life insurance policy in the first place).