02 November 2014
Dear sir
these days on tv term insurance plan are been advertised . i want to know are they different from regular Lic plans for which we get 80c deduction from tax point of view ?
secondly if a person has suppose 2/3 Lic policy or health insurance policy then 80c/80D will on total premium for all policy or on any one subject to limit of 1.5 lakh and 15000
02 November 2014
the primary difference is that term plans are pure insurance products and the insured gets no money if he survives the cover period where as in normal plans, the insured gets fixed sum assured irrespective of whether he/she survives the cover period or not.
CAclubindia
