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POSTED BY ON May 29, 2014 9:47 pm COMMENTS (4)
Sir
Thanks for information.. My question is if we start a term policy. does we have to pay it till our life time or is there any option for some years?
Second is if i am in desperate need of money can i dissolve the policy and use that money…how much money do i get? If i am taking a policy do i get tax deduction for it?……
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And you do get tax deduction under section 80C for premium paid for term insurance.
One more advantage.
At the time of taking the policy, you need to mention the duration of policy.
e.g. 15 years, 20 years, 25 years etc.
And then you need to pay the premium for that much duration.
If the policy is for 20 years, you need to pay for 20 years. Then after 20 years the contract ends.
You would not receive any money at the end. But that’s okay since premium for term insurance is less than other types of insurances.
Term Insurance……. u will not get anything in return if u dissolve the policy……
If the policy term is for ‘x’ years from now, you have to pay the premium for the ‘x’ years.
You will get tax exemption under 80C.
Term Insurance……. u will not get anything in return if u dissolve the policy……
If the policy term is for ‘x’ years from now, you have to pay the premium till then.
You will get tax exemption under 80C.