Health Insurance And Tax Benefit

Health is Wealth or You may say Health is the greatest assets for a human being. Our overall health is severely affected by our lifestyle. Unhealthy Eating Habits, Lack of Adequate Sleep, Stress can affect our health. A Mediclaim policy acts as savior & it protect you from facing a financial crunch in a medical emergency. Since Inflation has made medical bills costlier, having a heath insurance policy is necessary as other necessities.

There are dual benefits of the health insurance. First it ensures your financial stability and give coverage against expensive medical bills and also offer you benefit of Tax Deduction under section 80D upto Rs.25,000/- to Rs.30,000/- (for Senior citizen).

In order to enjoy tax deductions along with health coverage, you need to check which policy suits you & your family and how much premium required for. The premium amount paid by you can be utilize as Tax Rebate Tool. Remember, if the premium paid by your employer, you will not be eligible for tax rebate. Under the IT Act, 1961 medical allowance is not considered as an allowance, which is exempted. 

Generally, medical allowance is confused with medical reimbursement. Medical reimbursement is paid by an employer to their employees when they submit medical bills. 

When it comes to tax planning, people generally don't consider their parent's health insurance as a tax saving tools. If you are paying for your parents health insurance, you can claim upto Rs.30,000/- as tax deduction benefit in your annual income tax return. 

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Service Tax Paid on Insurance Premium U/s.80C

Many question arise about "can we take benefit of paying service tax paid on Insurance Premium!" If we check insurance premium receipts properly we get that the we pay three cost heads; Net Premium + Service Tax + E. Cess. On this basis final gross premium is calculated.

Now question is "can we take claim under section 80C of service tax paid along with insurance premium?"

The current tax rules states that "any amount paid to keep in force a life insurance policy qualifies for a tax deduction under section 80C." It is a common perception that Premium Paid all Life Insurance Policies are qualifies for deduction under section 80C of Income Tax Act, 1961. 

As per Section 80C(2) of the Income Tax Act, 1961 any amount paid to an insurer to buy or to keep a life insurance policy in force can be claimed as a deduction from gross total income by the policy holder. This implies that premium paid for a life insurance policy can be deducted from gross total income before arriving at taxable income subject to certain condition.

Section 80C(2) also clarifies that in order to claim the deduction from gross total income for a particular year the gross amount of premium must be paid or deposited in that particular financial year itself.

But when you ask insurance provider to provide Total Insurance Premium Paid Statement then they will provide you only statement of net premium paid. 

Tax experts interpret this to mean that the entire premium inclusive Service Tax and Cess, qualifies for a tax deduction.

Ideally, you need to mention the entire premium or gross premium for the purpose of availing a tax deduction under section 80C.

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Procedure to Get Duplicate LIC Bonds

LIC Bond is the written contract form between insurer and insured, it is the most important documents from LIC point of view. And it is the main evidence for the policy holder that they are insured from LIC of India. So, keep it safe.

If it is misplaced due to some reason due to Shifting or theft or fire or any other reason you are not able to locate/find it then you can apply for duplicate LIC Insurance Policy bond.      

There are some documents and procedures to arrange and follow to get it from your your LIC Branch.

1. Go to your LIC Home Branch and ask the procedure.
2. Get Form No.3762 get type this details on Non-Judiciary Bond Papers of Rs.100/- as self                      declaration and get it notarize from the notary.

Along with above documents with One Photo ID and Address Proof  Submit these documents to your home branch. LIC may charge you some Stamp Charge require to be pay by applicant. The Stamp Charges may differ from Plan to Plan and value to Sum Assured (Sum Assured is the amount that an insurer agrees to pay on the occurrence of an event). Don't forget to take receipts for the same.

These procedure may take normally 5 to 7 working days. If facing any problem and want to know more about all these kindly contact me.

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Which is better Paid-Up or Surrender?

A life insurance policy in which if all the premium payments are complete till some specified period and insured person is free of all payment obligations and the policy stays intact until insured's death or termination by its maturity or Surrender of the policy is called Paid-Up Policy.

Life Insurance Policies usually last the insured person's lifetime or maturity period, but some some policies can be paid up completely till a specified period. Only Traditional Life Insurance Plans can be a Paid Up Policy. 

It is calculated as the ratio of number of premium paid to the total number of premiums payable multiplied by the Sum Assured value.

 i.e. Paid-Up Value = No. of Premium paid /No. Premiums Payable X Sum Assured.

For Example:  Pradip has one traditional Endowment Policy having Sum Assured Value Rs.2,00,000/- and the policy tenure is 16 years. Unfortunately Pradip did not able to continue his policy after continuing is upto 8 years full premium paid. 
Now from very next year he did not paid any due premium to make it continue, hence very next year this policy become automatically a Paid-Up policy.

Which is better Paid-Up or Surrender of Policy?

Now, Pradip has two option either he can go and surrender his policy by providing all necessary documents to the branch or let it become Paid-Up.

Also Read : How To Surrender An LIC Policy ??

A Policy can be paid-up from next premium due. Suppose I continue my policy up-to 8 years and from next year I fail to pay premium then it become automatically Paid-up to its proportionate to its  premium paid ; Payable And Sum Assured.

Every Insurance Plan has it surrender value which can be known from servicing branch. Its is approx 30% of Sum Assured in regular plan and up-to 90% in single premium plan.

If we calculate in both condition then we can make comparison itself and understand which is better. For Example you have S.A.=2,00,000/-; Tenure - 16 Years; Premium - Rs.13000 (Approx); Premium Paid up-to full 8 years.

Surrender Value : Rs.2,00,000 X 30% = Rs.60,000/-  (Immediate Payment)

Paid-Up Value : Rs.2,00,000 X 8/16 = Rs.1,00,000/- + Vested Bonus  (Payment after death or maturity)

You can decide which is better. On Surrender you will get immediate payment while on letting Paid-Up of Policy you will get after death or maturity which ever is earlier)

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LIC Delhi - Branch Addresses And Email ID

Here  I am giving you list of all LIC India branches situated in Delhi. It will help you to find its address as well as email ID to communicate with your home branches or servicing branches. LIC India has allotted email id to its all branches in a smart way. 

Suppose you are looking email id of branch 11J then email id will be BO_11J@LICINDIA.COM in same way you can write email by creating email id of your servicing branch in same as above.

BRANCH NAME	BRANCH TYPE	BRANCH CODE	ADDRESS	PINCODE
LIC of India, Delhi CAB 1021	BO	1021	LIC of India, Delhi CAB 1021 18/60, Geeta Colony Delhi	110031
LIC of India, Rohini Branch Office	BO	12T	7th  Floor,Sachdeva Corporate  Tower D.D.A. Commercial Complex Rohini Sector-8, Delhi	110085
Jeevan Bharati, Tower I	Zonal Office	‘01	Jeevan Bharati, Tower II, 124, connaught Circuls, New Delhi	110001
D-5,Amanpuri	Satellite Office	11WT001	D-5,Amanpuri, Kanha Ram Complex,Najafgarh Road, Nangloi,New delhi	110041
LIC of India, Rajouri Garden SO,	Satellite Office	0129T001	LIC of India, Rajouri Garden SO, , 2nd floor, B2 Parkash House, Rajouri Garden, Dist. West Delhi	110027
1st & 2nd floor, Plot No.4	Satellite Office	0128C001	1st & 2nd floor, Plot No.4, Community Center, Mayapuri   Phase I, New Delhi.	110064
2-A, R-Block,	Satellite Office	031BT001	2-A, R-Block, , 1st floor, Uttam Nagar, New Delhi-110059	110059
JEEVAN PRAVAH	Divisional Office	‘033	Jeevan Pravah, Disstt.Centre, Janakpuri, New Delhi - III	110058
2ND FLOOR, JEEVAN PRAVAH	Branch Office	033B	2nd Floor, Jeevan Pravah, Disstt.Centre, Janakpuri, New Delhi	110058
2ND FLOOR, JEEVAN PRAVAH	Branch Office	033B	2nd Floor, Jeevan Pravah, Disstt.Centre, Janakpuri, New Delhi	110058
4-B/2, TILAK NAGAR	Branch Office	033A	4-B/2, Tilak Nagar, Delhi	110018
IST FLOOR,JEEVAN PRAVAH	Branch Office	031B	Ist  Floor, Jeevan Pravah, Disstt.Centre, Janakpuri, New Delhi	110058
Plot no 17,18,19,	Branch Office	011W	Plot no 17,18,19,, LSC,Bhera Enclave,, New Delhi	110058
A-3/24, First floor	Branch Office	011A	A-3/24, First floor, Janak Puri, New Delhi	110058
20A, 1ST FLOOR, SHIVAJI MARG	Branch Office	129	20A, 1st Floor, ShivajiI Marg, Near Moti Nagar Police Station, New Delhi	110015
C-26-27, COMMMUNITY CENTRE	Branch Office	128	C-26-27, Community Centre, Near Janak Cinema, Pankha Road, Janakpuri, New DelhiI	110058
PLOT NO.7-8, CENTRAL MARKET	Branch Office	012N	Plot No.7-8, Central Market, Sector 6, Dwarka, New Delhi	110075
F-WING,1ST FLOOR	Branch Office	012E	F-Wing,1st  Floor, Local Shopping Centre, Ring Rorad, Naraina, New Delhi	110028
1st floor, 1643 Thana Road	Branch Office	011Y	1st floor, 1643 Thana Road, Najafgarh, New Delhi	110043
C-29,COMMMUNITY CENTRE	Branch Office	011T	C-29,Communicty Centre, Naraina Vihar Phase 1, New Delhi	110028
201, Garg Trade Centre	Satellite Office	012HT001	201, Garg Trade Centre, Sector-II, Rohini	110085
C-5-6, SANJAY MARKET	Branch Office	012H	C-5-6, Sanjay Market, Sector 2, Rohini, New Delhi	110085
39/14, Main Bawana Road	Satellite Office	012TT001	39/14, Main Bawana Road , Samaypur,Badli,, Delhi	110042
F-2/4	Satellite Office	011MT001	F-2/4, Krishna Nagar, Delhi	110051
K-59, Lajpat Nagar-2	Satellite Office	011ET001	K-59, Lajpat Nagar-2, New Delhi	110024
31, COMMUNITY CENTRE,	Branch Office	312	31, Community Centre, New Friends Colony, New Delhi	110065
Splendour Forum Building	Branch Office	012B	Splendour Forum Building, Plot No.3, Jasola Dist.Centre, Nr. apollo Hospital, Jasola-Sarita Vihar, New Delhi	110025
703, 704, 706, NDM-2	Satellite Office	0123C001	703, 704, 706, NDM-2, Netaji Subhash Place, Pitampura	110034
Batra Cinema Complex	Satellite Office	0123T001	Batra Cinema Complex, Mikerjee Nagar, Delhi	110009
G-1,MODEL TOWN	Branch Office	123	G-1,Model Town, Delhi	110009
PLOT NO-16, I BLOCK, SECTOR-1	Branch Office	011L	Plot No-16, I Block, Sector-1, DSIDC, Near ITI, Narela, Delhi	110040
16-A, KAMLA NAGAR	Branch Office	011E	16-A, Kamla, Nagar, Delhi	110007
Sachdev Corporate Tower,	Branch Office	012T	Sachdev Corporate Tower,, 7th floor,Plot 8,Sec 8,, Rohini Delhi	110085
Sikka Galaxy	Satellite Office	011BT001	Sikka Galaxy, Local Shopping Centre, Shreshta Vihar, Delhi	110092
SCOPE MINAR, 9TH FLOOR,	Divisional Office	12	Scope Minar, 9th Floor, Laxmi Nagar, Delhi-II	110092
TIRUPATI BALAJI BUILDING	Branch Office	012F	Tirupati Balaji Building, 13/14, DDA Local Shopping, Centre, Pocket-II,Mayur Vihar	110091
SF-29,30,31	Branch Office	012D	SF-29,30,31, Aditya Mega Mall, Near Karkardooma Court, CBD, Shahdra	110032
F-149, MAIN BAZAR,	Branch Office	012K	F-149, Main Bazar, Laxmi Nagar, Delhi	110092
29-30, ANUVRAT TOWER	Branch Office	011P	29-30, Anuvrat Tower, Wazirpur, Community Centre, Delhi	110052
G.T. ROAD,	Branch Office	011M	G.T. Road, Dilshad Garden, Delhi	110092
3rd & 4th floor, Jeevan Pragati	Branch Office	011D	3rd & 4th floor, Jeevan Pragati, 16. District Centre, Laxmi Nagar	110092
1st & 2nd Floor, Jeevan Pragati	Branch Office	011B	1st & 2nd Floor, Jeevan Pragati, 16, District Centre, Laxmi Nagar	110092
CAB, 517, KOTHI BHAGWAN	Branch Office	1021	CAB, 517, Kothi Bhagwan, Dass, Main Road Gandhi, Nagar, Delhi	110031
B 125 Hardevpuri	Branch Office	012L	B 125 Hardevpuri,, Sikka Neet House, Near Durgapuri Chowk Shahdara	110092
SUNLIGHT BUILDING,	Branch Office	327	Sunlight Building, Ist Floor, Asaf Ali Road, Delhi	110002
JEEVAN RAKSHA BUILDING	Branch Office	326	Jeevan Raksha Building, Ist  Floor, 12/1 Asaf Ali Road, New Delhi	110002
LAXMI INSURANCE BUILDING	Branch Office	320	Laxmi Insurance Building, Asaf Ali Rorad, Delhi	110002
BHARAT BASE BUILDING,	Branch Office	126	Bharat Base Building, Ist  Floor, 10, Daryaganj, Delhi	110002
LAXMI INSURANCE BUILDING	Branch Office	116	Laxmi Insurance Building, 1st Floor, Asaf Ali Rorad, Delhi	110002
STATE BANK BUILDING	Branch Office	114	State Bank Building, Chandni Chowk, Delhi	110006
2/25, ROOP NAGAR	Branch Office	012P	2/25, Roop Nagar, Delhi	110007
3909-3912, HAMILTON ROAD	Branch Office	012C	3909-3912, Hamilton Road,, Mori Gate, Delhi	110006
12/56, DESHBANDHU GUPTA	Branch Office	011K	12/56, Deshbandhu Gupta, Road, Karol Bagh, New Delhi	110005
B-1/I-1	Satellite Office	12B/C001	B-1/I-1, OHAN Co-Operative, Industrial Estate	110044
H-39, New Asiatic Building	Satellite Office	120T001	H-39, New Asiatic Building, Connaught Place, New Delhi	110001
Building No.11917	Satellite Office	0124T001	Building No.11917, Bapu Sadan, Sant Nagar, Karol Bagh, New Delhi	110005
Block 5, 4th Floor,	Branch Office	311	Block 5, 4th Floor,, Shopping Complex, Rajendra Place, New Delhi	110005
Block B, Plot No.1	Satellite Office	0311T001	Block B, Plot No.1, Local Shopping Center, Vasant Kunj	110070
18A/2, Ward No. 1	Branch Office	011N	18A/2, Ward No. 1, , DESU Road, , Mehrauli, New Delhi	110030
Shop No.19 C, 19D, 20D	Branch Office	127	Shop No.19 C, 19D, 20D, DDA Complex, Vasant Lok, Vasant Vihar, New Delhi	110057
H-1, First floor, Vikramditya Town	Satellite Office	011ST001	H-1, First floor, Vikramditya Town, DDA Market, Alakanda   Commercial	110019
G-9, Vardhman Trade Center	Branch Office	012G	G-9, Vardhman Trade Center, Nehru Place, New Delhi	110001
NBCC Tower-IV,	Branch Office	011X	NBCC Tower-IV, , Sector-5, Pushp Vihar, Saket,, New Delhi	110017
53/54,	Branch Office	011S	53/54,, Govardhan Bldg., Nehru Place, New Delhi	110001
August Kranti Bhawan	Branch Office	011R	August Kranti Bhawan, Plot No.25, Bhikaji Cama Place, New Delhi	110001
M-1,	Branch Office	011F	M-1,, South Extn. Part II, New Delhi	110019
DDA Community Center	Satellite Office	0310T001	DDA Community Center, Plot No.32, Pitampura	110085
4 B.S. Zafar Marg	Branch Office	031A	4 B.S. Zafar Marg, Nehru House, New Delhi	110002
Jeevan Prakash Bldg., 3rd floor	Satellite Office	0112C001	Jeevan Prakash Bldg., 3rd floor, 25, K.G. Marg, Connaught Place, New Delhi	110001
Jeevan Praksh, Post Box No.102	P&GS Unit	G103	Jeevan Praksh, Post Box No.102, 25, Kasturba Gandhi Marg, New Delhi	110001
F-19, United India Bldg.	Branch Office	031C	F-19, United India Bldg., Connaught Place, New Delhi	110001
3C-2,	Branch Office	031D	3C-2,, New Rohtak Road, New Delhi	110005
16 A/8	Branch Office	012A	16 A/8, W E A Karol Bagh, New Delhi	110005
25 K.G. Marg	Branch Office	011J	25 K.G. Marg, Jeevan Prakash Building, New Delhi	110001
United India Building, 3rd Floor,	Branch Office	011C	United India Building, 3rd Floor, , Connaught Place, , New Delhi	110001
Oriental 1st and 2nd floor	Branch Office	310	Oriental 1st and 2nd floor, 86, Janpath, New Delhi	110001
F-41, first floor	Branch Office	120	F-41, first floor, Connaught Place, New Delhi	110001
Building No.11917,	Branch Office	124	Building No.11917,, Bapu Sadan, Sant Nagar,, Karol Bagh, New Delhi	110005
C-38, Shopping Complex	Branch Office	119	C-38, Shopping Complex, Moolchand, New Delhi	110024
64	Branch Office	118	64, Janpath, New Delhi	110001
25 K.G. Marg	Branch Office	117	25 K.G. Marg, Jeevan Prakash Building, New Delhi	110001
N-72	Branch Office	115	N-72, Connaught Circus, New Delhi	110001
Jeevan Tara Building	Branch Office	113	Jeevan Tara Building, 1sr Floor, Gate No.4, 5 Sansad Marg, New Delhi	110001
N-69	Branch Office	112	N-69, Connaught Place, New Delhi	110001
Bombay Life Building	Branch Office	111	Boombay Life Building, N Block, Connaught Place, New Delhi	110001
6/32-33	Branch Office	108	6/32-33,, Gurudwara Road, Karol Bagh, New Delhi	110005
9-10,VIPIN GARDEN	Satellite Office	11YT001	9-10,Vipin Garden, Najafgarh Road, Near Metro pillar no-801,Dwarka mode (NAWADA)	110059

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