Question: What Is Eligible Amount In LIC Policy?

How can I download my LIC policy?

To download the LIC premium payment receipt online, you need to be a registered user of LIC’s e-Services.

Visit LIC Homepage and click on the link called LIC e-Services that is available on “Online Services”.

Click on the tab “Registered User”.

Because you are already a registered user..

Which is the best LIC policy?

Top 6 LIC Plans In India 2020LIC PlansType of PlanMaturity Age (Maximum) (in years)LIC New Children’s money-back PlanTraditional money-back Child Plan25 yearsLIC New Jeevan AnandEndowment Plan75 yearsLIC Jeevan UmangWhole Life + Endowment Plan100 yearsLIC Jeevan LabhEndowment Plan75 years2 more rows

Can we claim parents LIC in 80c?

LIC Life Insurance Premium Life insurance premium paid by you for your parents (father / mother / both) or your in-laws is not eligible for deduction under section 80C. If you are paying premium for more than one insurance policy, all the premiums can be included.

Is money back from LIC taxable?

As per Section 10(10D) of the Income Tax Act, 1961 the amount of sum assured plus any bonus (i.e. the policy proceeds) paid on maturity or surrender of policy or on death of the insured are completely tax free for the receiver subject to certain conditions.

Will I get bonus if I surrender my LIC policy?

Depending on the terms and conditions of the LIC policy, the accumulated bonus will be given. Since surrendering a policy is considered equivalent to breaking a contract, the policyholder will receive only a limited portion of money that he/she has paid as premiums.

Is it worth to surrender LIC policy?

Surrender value is payable only after three full years premiums are paid to LIC. More over if it is a participating policy the Bonus get attached to it as per prevalent rules. Surrender of policy is not recommended since the surrender value would always be proportionately low.

Can we claim spouse LIC in 80c?

Tax exemption offered under section 80C on life insurance policies from LIC: If you have purchased a life insurance policy on or before 31st March 2012 in your own name or in the name of spouse or child, then up to 20% of tax deduction can be availed on the premium paid towards life insurance policy.

How can I get proof of LIC policy?

Follow steps given below to download LIC Premium Paid Certificate Online.Register Online for LIC e-Services. … Login to e-Service Portal. … Go to the Basic Services. … Go to Policy Premium Paid Statement. … Select Policy for Premium Paid Statement. … Generate a premium paid certificate.

Who can claim LIC deduction?

Life insurance premium payments can be claimed as deduction under Section 80C subject to a maximum limit of Rs. 1,50,000. The only condition is the premium must be less than 10% of the sum assured.

How much money will I get if I surrender my LIC policy?

Guaranteed Surrender Value: The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.

Is there any LIC policy for 5 years?

Jeevan Mangal Plan by LIC is a term insurance plan which can be brought for a term of 5 years only through the single premium payment option that pays returns in the form of a premium on the maturity of the plan.

How can I know my LIC premium amount without tax?

You can avail all the LIC policy details simply by sending an SMS to 56767877. All the policies in life are dependent on advance annual premium payments. But instalment premiums can be half-yearly, quarterly, or monthly. The sum accumulated out of bonus as of today.

Can I withdraw money from LIC before maturity?

It is the option to exit from life insurance product before maturity wherein policyholder will get the amount which is called as Surrender Value. A regular premium policy will be eligible for surrendering after the policyholder has paid the premiums continuously for 3 years.

What is basic amount in LIC policy?

FOR BASIC PLAN Sum Assured will be in multiples of Rs. 5,000 /- only. Yearly, Half-yearly, Quarterly, Monthly or through salary deductions in case of regular premiums.

How much LIC premium is tax deductible?

Income tax deduction on investment Premium paid towards life insurance policies qualifies for deduction under Section 80C, up to a maximum of Rs 1.5 lakh a year.

Can husband claim wife’s LIC premium?

Yes, spouse and children insurance premiums can be considered for claiming exemption under 80C of Income Tax Act.

Is LIC maturity amount taxable?

When the premium paid on a policy exceeds 10% of the sum assured for policies issued after 1 April 2012, and 20% of the sum assured for policies issued before 1 April 2012, any amount received on maturity of a life insurance policy is fully taxable.

Can I get LIC statement online?

All LIC customers who have an account on LIC’s official site and have registered their policy online can generate these premium statement receipts whenever needed. … Once you are on the page, you will be asked to enter your account username and password.