India Insured

Life Insurance premium paid on wife's Policy eligible for tax rebate? By Going through analysis of Incoming traffic to this site and online search given on our blog site I found that more of the visitors are looking for basic tax concepts so I have decided to give important and widely used section details on blog,though I know most of the email readers of BLOG are professional in accounts and tax and does not like concepts in feeds ,yet it is necessary to give detail of basic concepts also.Today I will discuss life Insurance premium.   Important Point in this regards are given below Deduction u/s 80c of income tax is available to Individual and Huf Assessee. Maximum total eligible amount under this head (LIFE insurance Premium) is Rs. 1,00,000 The limit of one lac as above is total limit u/s 80C for all type of savings ,plus section 80CCC(pension policy) plus u/s 80CCD(Contributory Pension Plan).Means the aggregate amount of deduction under above referred sections can...

Insurance Sector   Max New York to triple capital base by 2011 Chandigarh : Max New York Life Insurance will triple its capital base from present Rs 907 crore to Rs 2,600 crore in three years which will help funding its expansion programme. The company is, additionally, targeting new premium income of Rs 9,000 crore by 2011 compared with the current Rs 1,418 crore. The number of offices will be scaled up from 233 to 533 in 400 cities and insurance advisors will go up from 30,500 to 2 lakh by 2011. The company has also announced a foray into health insurance business.   Max NY Life sets 3 lakh health cover policies target   Mumbai: Max New York Life insurance has set a target of around 2.5-3 lakh health insurance policies sales by the end of the calendar year 2008. The company has rolld out a series of health insurance plans called 'Lifeline'. The plans offer insurance coverage for hospitalization, surgeries and critical illnesses. The 'Medicash'...

MUMBAI: Life Insurance Corporation of India (LIC) is set to close down one of its best-selling unit-linked insurance plans (Ulips) — 'Market Plus' — on March 31. Sources said the corporation had decided to close the scheme since the size was unwieldy. Currently, 'Market Plus' is the only unit-linked pension plan with LIC and was launched in July 2006 as a replacement for 'Future Plus', the corporation's maiden pension Ulip. The scheme has been one of the best sellers for LIC in the last quarter, with close to 15% of its premium income coming from this product alone. Brisk sales of 'Market Plus' in January 2008 have helped LIC regain much of the marketshare it lost earlier this year. The scheme is available as a regular premium plan as well as a single premium plan. 'Market Plus' was introduced a year after the launch of 'Future Plus' and incorporated the minimum three year lock-in period prescribed by the regulator. The net ass...

UnitedHealth Group expanding its participation in growing global health care marketplace MINNEAPOLIS--(BUSINESS WIRE )--UnitedHealth Group (NYSE: UNH ) and ICICI Lombard, India's largest private general insurance company and second-largest health insurer, are partnering to provide ICICI Lombard's policyholders traveling to the United States with access to UnitedHealthcare's programs and services. Through this initiative, any of ICICI Lombard's 1.6 million policyholders traveling to the United States who are covered by the insurer's Overseas Travel Insurance or Student Overseas Medical Insurance will have access to UnitedHealthcare's Options preferred provider network as well as medical management and organized resources that align to their health needs, all of which help millions of people take charge of their health. The partnership with ICICI Lombard illustrates the increasingly global nature of today's health care marketplace in which health compani...

The premium income of India's life insurance market is set to double by 2012 on better penetration and higher incomes, consultancy firm McKinsey & Co said in a report. The total premium could go up to $80-100 billion by 2012 from the present $40 billion as higher per capita income increases per capita insurance intensity, the report released on Monday said. The average household premium will rise to Rs 3,000-4,100 from the current Rs 1,300 as will penetration by the existing and new players, McKinsey said. India's ratio of life insurance premium to its GDP is around 4 per cent against 6-9 per cent in the developed world. But, the report said, it could rise to 5.1-6.2 by 2012 in tandem with the country's demographic profile. That Indians rank life insurance higher than other investment options for tax benefits and protection will also help, it noted. India has 17 life insurers and the state-owned Life Insurance Corp of India dominates the industry with over 70 per...

Myths about insurance For many people, insurance is just another form of investment. They buy one or two life insurance policies , and then forget all about them. Ask them about other insurance covers—accident , health, or household valuables—and they will tell you that that's a waste of money. Why pay a premium for a health insurance cover, when you're in the pink of health, they will argue. Insurance advisors say mistaken notions about insurance are surprisingly widespread and persistent, and that this is the reason an alarming number of people are underinsured or even uninsured. "Most people have picked up certain assumptions over the years, and it is very difficult to convince them otherwise," says an insurance agent of the Life Insurance Corporation of India. "Even after the opening up of the insurance industry, some of these wrong ideas continue to play an important role in the decision-making process."   Two life policies are enough ...

Budget 2008 Highlights   NEW DELHI  - Finance Minister Palaniappan Chidambaram presented the union budget for 2008/09 on Friday, the fifth and final full one of the administration before elections due by May 2009.   Banking cash transaction tax withdrawn from April 1, 2009 Indirect tax proposals to result in loss of Rs 5,000 cr Direct tax proposals to be revenue neutral Dividend of subsidiary company exempt from DDT Reduce central sales tax to 2% Increase in short term capital gains tax to 15% 5-yr tax holiday for setting up hospitals in tier-II, tier III regions Excise duty of Rs 1.35/litre on unbranded petrol Excise duty of Rs 4.6/litre on unbranded diesel Commodities Transactions Tax to be introduced Securities Transaction Tax to be treated like deductible expenditure 5-yr tax holiday to 2,3,4-star hotels in UNESCO's heritage sites NO FBT on creche, employee sports, guest houses facilities No change in corporate income tax rate No ...