Term Insurance Plan - Good or Bad Decision

Term_Insurance_Plan_Good_Decision_or_Bad_Decision
Term Insurance is a contract between Insurance Company and insured person that primary provides guaranty to pay insurance amount only in case of demise of secondary to their Nominee, If all term & condition full-filed. If demise incident does not happen then company are not liable to pay. So, before taking Term Insurance Plan, person should think and analyze the utility of it. 
Term Insurance takes your risk at very low premium with certain term & condition. Like other insurance and investment alternatives it is also simple and easy. You know the premium amount you have to pay till the policy term and insurance amount your nominee will get if unfortunate demise will happen. 
For taking term insurance to ensure your family's financial future in your absence there are certain things to know before.
First understand the Term Insurance, it is designed for providing a pay-out only in case of demise. It is not an investment option because it would not give you any return. It is not for you, it is for your family member. Only good things about it that it cover high risk amount with very low premium cost
Analyze your requirement, in case you have any loan outstanding (like home loan) and don't want to forward this burden on your family member's in your absence then it is the only best option for you. Certainly you do not want your family to compromise on their lifestyle or find difficulty in sustaining a good life in your absence. It will be big favour by getting yourself a Term Insurance Cover.
First choose the Insurance Amount you think should be enough for your family to get normal life in your absence. Now second option comes that what will be premium/installment amount. There are lot online site who will help you to compare the premium instantly. It can be vary from company to company. The best thing about term insurance  plans is that these plans  are designed to charge the same premium throughout the policy term, even though the risks increases when you grow old. So, it is better to have it in early age and reassess it in every 5 years and if fills & can able to pay premium, you can increase the cover amount you require.
Secondly before selecting any insurance company check their Claim Settlement Ratio at IRDA website. The insurance company could have rejected few claims but you should check the causes behind such decisions. Insurance company will not process a claim which is fraudulent. Choose the best one. Read Term and Conditions & understand the Exclusions carefully. It is important to know before purchase it so that you don't leave your dependents with various issues relating to your term plan in your absence.
Selecting Nominee is very important & crucial job while purchasing insurance plans. It should be a person who shall need your money the most after your passing. It can be your spouse, your parents or your child. It is advisable to keep your beneficiary informed about the key features of the policy and any changes that you decide to make about.
If you consider the above mentioned things when you are getting term insurance plan, you certainly will find the right plan for yourself.

Do You Know Why LIC is Safe !!!

Call-LIC-Agent-Pradip-9958781151In 1956, when the life insurance industry was nationalized, Parliament directed the LIC to take the message of life insurance to every part of the country. It also directed the Government to guarantee the sums assured (including any bonuses declared) under all policies issued by, as well as those taken over by, the corporation (Sec.37 of the LIC Act).

In the Symbol of LIC Logo, there are two words.."Yogakshemam Vahamyaham" writtern in Sanskrit. This was said by Lord Shri Krishna to Arjun in Kurukshetra. It means" Your Security is My Responsibility."

Here is the proof that investment in LIC is fully secure by Central Government of India. As per Section 37 of LIC Act, "The Sum Assured by all Policies issued by the Corporation including any bonuses declared in respect thereof and, subject to he provisions contained in Section 14 the amount assured by all policies issued by an insurer the liabilities under which have vested in the Corporation under this Act, and all bonuses declared in respect thereof, whether before or after the appointed, day shall be guaranteed as to payment in cash by the Central Government" 

This is the proof why LIC is the king in insurance market. Why people of India trust more on it  than any other insurance company. You can compare here Monthly Business Report of IRDA. 

This is Trust by the People, for the People because in every PUBLIC there is LIC. No other company can guarantee you about your invested money. Can any ??

Can any company guarantee you if they become failure in insurance business that company or any other agency/governement on behalf of that company will return your all investment along with accrued bonuses.

In service of last 61 years LIC has given security to your love one in your absence about taking care by returning all investment along with accrued bonuses and other loyalty addition (if offered) or by insurance amount to the right nominee/heir. 

Over the last 60 years, the corporation has not only carried out this directive in both letter and spirit but also paid to the Government thousands of crores in the form of tax and dividend.

Read also THE INSURANCE LAWS (AMENDMENT) ACT, 2015

So, have trust and go with LIC. Call your trusted LIC Agent Pradip Roy 9958781151 / 8178662909 to book new policies. 

You can Download here LIC Act.

Documents Require To File IT Return & Claim Deductions

Documents-Require-To-Claim-Deductions
Financial Year is going to close. All Income tax Assesses are in hurry about their tax assessment. Getting sure about done adequate investment (Limit U/s 80C Rs.1,50,000/-) to  claim & save maximum tax rebate. Arranging documents pertaining to investment and tax return. 

First, all you need to know about Form 26AS. It is a summary of taxed deducted on your behalf and taxed paid by you. This summary is provided by Income Tax Department. It shows all details of deducted on your behalf by deductors, details of tax deposited by taxpayers and tax refund received in the Financial Year. This form can be accessed from Income Tax Department's Website.

Second, All Salaried Tax Assess needs to get Form 16 issued by their employer to get file their Income Tax Return.

Third, Documents Require for Interest Income, 
> Assesses needs to update his bank statement/pass book for interest on 
   saving bank account.
> Interest Income Statement (accrued or credited) on their Fixed Deposits.
> TDS certificate (Form 16A), if any, issued by banks or other financial 
    institution.
> Interest Accrue Certificate on NSC / Kishan Vikas Patra etc.

Fourth, Proof for Investment in Section 80C, Investment made under PPF, NSC, ULIPS, ELSS, RGESS are qualifies for deductions Under Section 80C.

Last Minutes Checklist to File Your IT Returns :
1. Pan Card
2. Bank Statement 
3. TDS Certificates
4. Tax Payment Challans (Advance Tax or Self Assessment Tax)
5. Form 16 / Salary Certificate received from the Employer.
6. Interest Certificates issued on your deposits
7. Rent Receipts copy (If You Are on Rent)
8. Life and Medical insurance payment receipts.
9. Tuition Fees Receipts.
10. Stock statement in case of trading in shares 
11. PPF Passbook for interest
12. Dividend warrants /amount
13. Interest Certificates on bonds
14. Details of interest accrue on NSC during the year.
15. Sale and Purchase deed of the property including Stamp Valuation of the           property (for land/building)
16. Repayment/Interest Certificate for Interest paid on housing loan and                 Principal amount Paid.
17. Donation Receipts for Section 80G (with PAN details of donnee)
18. Details of Expenses incurred on transfer of Re-Investment in property.
19. Any Other Tax Saving Investment receipts/proof.
20. Aadhar Card Copy (Mandatory for e-filing)

Remember all above documents are proof of income require for ITR filling purposes only does not require to attache along with ITR.
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