Can I get Tax benefit where in my Spouse is the Policy Holder ?

POSTED BY Amrut ON January 15, 2014 1:21 pm COMMENTS (3)

I have purchased a Reliance Child Plan. Can I get Tax benefit as my Spouse is the Policy Holder and I am the Life assured for the plan.

3 replies on this article “Can I get Tax benefit where in my Spouse is the Policy Holder ?”

  1. ashalanshu says:

    Dear Amrut, so you feel you are in profit with this plan?

    thanks

    Ashal

  2. ashalanshu says:

    Dear Amrut, if you are paying the prem. from your account, you can claim the tax benefit. By the way, I’m unable to understand the whole set up. Plan’s name is Child plan. She is the proposer and you are the life insured. Can you please elaborate for my understanding?

    Thanks

    Ashal

    1. Amrut says:

      Hi Ashal,

      Thanks for your response.

      Herein I am briefing the policy benefits.
      “You pay premium every year for the entire term and get
      guaranteed Fixed Benefits every year during the last four
      years of the Policy Term. All attached
      bonuses are payable at the end of the Policy Term and will
      remain attached to your Policy even after payment of Life
      Cover Benefit.”

      I have taken this policy for 5years and each year I will be getting fixed guaranteed return of 15,000 as I have opted for a premium amount of 15840Rs.

      The first premium was deducted from my Wife’s account.As told b y the Reliance Representative I will be getting the tax benefit.

      Actually I went to Reliance Insurance Office to claim the amount for the policy which my wife was holding since 2008, after surrendering the policy they offered me this Reliance child plan of 5 years duration with guaranteed returns.

      Thanks
      Amrut

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