Life insurance can help protect your family's financial stability against the loss of future income. The appropriate coverage depends on income, dependants, liabilities, financial goals and existing assets.
A simple planning calculation is:
Required Life Cover = Liabilities + Future Goals + Income Replacement − Existing Assets
For example, if liabilities are ₹50 lakh, future goals ₹60 lakh, income replacement ₹1 crore and existing suitable assets ₹30 lakh:
₹50L + ₹60L + ₹1Cr − ₹30L = ₹1.80 crore estimated cover.
Eligible life insurance premiums may qualify for deductions under Section 80C, subject to applicable conditions and the overall ₹1.50 lakh annual deduction limit. Tax treatment depends on the applicable tax regime and prevailing provisions.
Life insurance policies are regulated under the applicable IRDAI framework and are subject to insurer-specific terms, conditions, exclusions and underwriting.
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Insurance benefits and tax treatment are subject to applicable policy terms and prevailing laws.
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