Friday, 23 March 2018

Tax planning Income Tax Returns !!




If your employer’s deadline has passed, you can still claim deductions while filing income-tax returns.
With March 31 approaching fast, most employees should ideally have given all their tax planning proof to their respective companies. If you have still not done so, it’s time to rush.

WHEN EXEMPTIONS CAN BE DENIED

If an under-construction property is not completed within 3 years, you stand to lose 85 per cent of the tax benefit under Section 24.
If premium is paid in cash for health insurance under Section 80D.
If donations made in cash exceed Rs 10,000 under Section 80G.
If freelancers or businesses make cash expenses of over Rs 20,000.

There are some key documents you need to submit as soon as possible. If your employer is still accepting documents, you will be able to claim reimbursements such as leave travel allowance, medical and telephone. A person can claim house rent allowance while filing returns but not the rest. If a person has missed the deadline for submitting tax-related documents, all deductions from Section 80C to 80U can be claimed directly while filing the tax return. Those who could not meet the employer’s deadline can make the required investments now and claim deductions at the time of filing returns.

Use technology: Thanks to technology, you can do almost all transactions on the internet. But, for certain transactions, like mutual funds, you need to complete the “Know Your Customer” (KYC) formalities. Many online mutual fund platforms such as FundsIndia or Aditya Birla Money’s MyUniverse can help you do this online, too. An Aadhaar card can also fast-track the KYC procedure for some instruments. These facilities should help you get done with your entire tax planning.

Do the numbers: First, check the deductions you can claim under Section 80C, which has a limit of Rs 1.5 lakh. There are about 15 types of investments and expenses a person can claim deductions for in this section. Before shortlisting the right products, check the amount already exhausted by the Employees’ Provident Fund (EPF). Subtract the EPF amount from Rs 1.5 lakh to know the available limit.

Investment options: Options that don’t require recurring payments include a five-year tax-saving fixed deposit, National Savings Certificates and an equity-linked saving schemes (ELSS). Of these, most investment advisors suggest a person should look at ELSS if they have risk appetite for stocks. The preferable route to invest here is via a systematic investment plan (SIP) but as you are already late, you can invest a lumpsum, according to a certified financial planner. Given the market conditions, even a lumpsum amount won’t hurt. "Most SIPs made in the last year have negative returns. A lumpsum will not hurt investors at present .If you already have a PPF account or ongoing term plan, you must make use of it.

Insurance benefits: Many people buy a term plan and also take an add-on critical illness cover. While life insurance gets a deduction under Section 80C, critical illness is covered under Section 80D. Many people don’t remember to separately claim these two.

Benefits through senior citizens and dependents: If your parents are senior citizens and you pay for their health insurance, you can get a deduction up to Rs 30,000. In the case of parents over 80 years, who might not be eligible for insurance, medical expenses up to Rs 30,000 can be claimed for both. Additional deductions are provided for parents over 80 years for medical treatment such as cancer or neurological illness.

For More Details Visit: LifeLine Insurance & Financial Expert

Wednesday, 14 March 2018

Why Do You Need Travel Insurance !!




Traveling has become an integral part of our Modern Society. We could be traveling for reasons like a Business Trip or Much Awaited Vacation. But one cannot deny the fact that there are several things that could go wrong when one travels. Disruptions like Cancellation of Flights, Loss of Baggage, Medical Emergency are some of the unforeseen events that could catch you off guard. So whether you are off to your favorite destination for a Holiday or going on a Business Trip - an Adequate & Complete Travel Insurance is a must have.

Various Plans are available according to every Individual's Travel needs:

 Corporate Travel Insurance: Under this plan, Employees of an organization can receive coverage for   both Domestic and International Trips.

       Domestic Travel Insurance: In this type, Coverage is offered for Death, Medical Emergencies,         Permanent Disability, Personal Liability, Delays and Lost / Theft of Checked-in Luggage.

      International Travel Insurance: It gives a comprehensive Coverage for Medical Costs overseas, Trip Delays, Loss of Travel documents besides the regular coverage.

      Senior Citizen Travel Insurance: This plan covers people in the age group 61-70 years.

Besides providing general advantages, it also gives Cashless Hospitalization Coverage and Dental Treatments.

Key Features of Travel Insurance:

1) Coverage offered for Medical Expenses.
2) Coverage for expenses related to Trip Delays
3) Coverage for Loss of Passport and Luggage
4) For contingencies related to personal possession


Get  Various Travel Insurance Informations, Features and Benefits Visit: LifeLine Insurance & Financial Expert !!

Tuesday, 6 March 2018

You Have At Least 2 Years To Revive A Lapsed Policy !!





If You miss paying the premium on your Life Insurance Policy, and as a result, your policy has Lapsed. For people who may find themselves in situations like this, Life Insurance companies offer a small window of opportunity to revive the policy during the revival period.
The rules state that insurers need to offer a revival period of at least 2 years within which you can reinstate your policy. Here is how you can revive a Lapsed Life Insurance Policy.



When Insurance Policies Lapse?

A Policy Lapses when you skip paying its premium, not just on the due date but even within the grace period which is typically a month. However, not all Policies Lapse automatically. For instance, a term insurance policy Lapses if you skip paying the premium. In this case, you forfeit the insurance benefit as well as the premium paid towards the policy thus far.

In the case of a Unit-Linked Insurance Plans (Ulips), if you skip paying the premium in first 5 years, or during the Lock-in period, the policy is considered Lapsed and the Insurer moves the money (or the fund value) to the discontinuance fund and levies a discontinuance charge which is a maximum of Rs6,000 if discontinued in the first year, and reduces to Rs2,000 in the fourth year, and nil thereafter. If you skip paying premiums after the lock-in period, the Insurer lets you choose between surrendering the policy, reviving it or converting it into a paid-up policy with reduced sum assured.

In the case of traditional plans, if you don’t pay the premiums before policy becomes paid-up that is, before it acquires a surrender value you risk forfeiting all the premiums. However, once the policy is paid-up, the policy doesn’t Lapse but automatically continues with a reduced sum assured.

How to revive a Lapsed policy?

In all of these cases, Insurers may give you a window of at least 2 years to revive the policy. In the case of Ulips, Insurers will reverse the discontinuance charges that were levied upon revival. After 2 years, Insurers may not entertain a request for revival, especially if it’s a term plan because it comes with a very high Insurance Cover.

But Insurers do relax these rules on a Case-to-Case Basis.

The ease of reviving a policy will depend on the time that’s passed since the policy Lapsed. In case of an early Lapse, that’s within 6 months, Insurers may even allow you to revive the policy online on the basis of a declaration of Good Health. However, if the policy has lapsed for more than 6 months, then insurers may insist on fresh Medical Check-Ups. This will also depend on the Sum assured & your age; the Older you are & the Higher the Sum assured, More are the chances of being sent to Medical Tests. In order to revive the policy, you will need to pay all the Due Premiums, along with Penalty Interest. But Insurers sometimes waive these conditions, especially during Revival Campaigns. They may also Waive the need for Medical Check-Ups, and Reduce the Penalty Charge or Waive it completely.

For More Details Visit: LifeLine Insurance & Financial Expert

Grossly Under Insured Indians Are Living Dangerously !

Even if we assume that many customers buy more than one policy, on an average an Indian is certainly not covered beyond Rs.4 lakh. ...