Having an insurance policy is a security for our future, protecting family against illness, death, disability or loss of property. With changes in economy and our life styles, the impact of a financial loss could be immense, along with the human trauma of physical ailment, disability and loss. Insurance helps to restore ones’ previous financial position, thereby reducing the stress due to financial loss. It provides security for our today and tomorrow, thereby ensuring peace of mind for ourselves and our family.
Tax payers must consider the various exemptions as provided by the government to minimize tax liability. Sections 80C provides a deduction of 1, 00,000 for investments in Life Insurance Premiums, deferred annuity, provident fund, and specific equity shares. 80CCC permits a deduction of 10,000 for contribution to certain pension funds and 80D Rs 10, 0000 for contribution to Medical Insurance Premium.