icici iprotect vs pureprotect

POSTED BY Kirubakaran ON August 10, 2011 10:32 pm COMMENTS (2)

Hi,

 I would like to take term life insurance. I prefer to choose either icici iprotect or icici pureprotect. My friends say that incase of the death of the insurer, the dependend gets the amount deducing the tax in iprotect whereas its not in pureprotect .

 say, If I take term life insurance of 1 Crore,

My dependends will get 70 lakh reducing tax in iprotect and 1 crore in pureprotect (premium is relatively high here)

 Which you would prefer guyz?

 Can you please share your comments?

 

Thanks in advance.

2 replies on this article “icici iprotect vs pureprotect”

  1. Kirubakaran says:

    Thanks Ashal,

    Infact Agent also told that in iprotect tax will be deducted in case if any unfortunate thing happens. Think to change the agent 🙂

  2. ashal jauhari says:

    Dear Kirybakaran, Please note both the plans mentioned by you are Term Plans & in case of any claim, the full sum assured ‘ll be pauid to the nominee/legal heirs of the policy holder.

    For your example – full 1 crore Rs. ‘ll be paid, no TDS.

    I don’t know from what sources, your friends are telling this false thing.

    Please note as per section 10 (10 D) of income tax, amount received as death claim under a life insurance policy are tax free in the hands of receiver.

    The difference in prem. is due to the fact that I-protect is an online policy hence no agent commission is there where as Pure Protect is a regular policy, where Agent’s commission is in built in the prem. amount.

    You may opt any of the 2 policies based upon your own comfort level. From taxation point of view, both are same.

    Thanks

    Ashal

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