Some Important Sections Of Insurance

Some Important Sections Of Insurance

1. Section 80C: You can claim deduction of life insurance premium paid from your taxable income as per the provisions of Section 80C.
2. Section 80CCC: You can get deduction from your taxable income towards premium paid for Pension policies up to a limit of `1,50,000/-.
3. Section 80CCE: Under this Section, the overall limit for deduction under Sections 80C, 80CCC and 80CCD(1) is `1,50,000/-.
4. Section 80D: You can get deduction of premium paid towards health insurance policies taken for self, spouse, dependent children and parents.
5. Section 10(10D): Proceeds from Life Insurance policies are exempt, subject to conditions of Section 10(10D).
6. Section 10(10A): Payment received on commutation of a Pension policy is exempt from tax.

Types Of Insurance In Worldwide

There are many types of insurance in all over the worlds. In life, unplanned expenses are a bitter truth. Even when you think that you are financially secure, a sudden or unforeseen expenditure can significantly hamper this security. Depending on the extent of the emergency, such instances may also leave you debt-ridden. There are different types of insurance some are explained here-

• Life Insurance
• Motor insurance
• Health insurance
• Travel insurance
• Property insurance
• Mobile insurance

Life Insurance

Life Insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period. Under life insurance, the policyholder’s family is financially compensated in case the policyholder expires during the term of the policy.