FAQs
What are the tax benefits of insurance coverage plans?
The tax benefits of insurance coverage plans depend on the type of insurance as well as the policy. However, mostly the life insurance policies offer exemption from tax under Section 80C of the Income Tax Act up to Rs. 1.5 lakh. In certain cases, the health insurance policy for self and parents is also tax exempted under Section 80C.
Which type of insurance coverage is most important?
All types of insurance coverages are important but it depends on the individuals and their circumstances as to what shall be their priority. Having health insurance is important and getting insured for all your motor vehicles.
What is the difference between General Insurance and Life Insurance?
General insurance is usually short-term that can be renewed after a year or more. Life insurance plans are a long time for which you pay the premium almost all your life. Life insurance claims are settled after maturity or death of the insured, whereas general insurance coverage claims are settled when a particular event occurs like an accident for vehicle insurance, property damage for home insurance.
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