Life Insurance

Got a question about life insurance? Read on and you will get answers to all questions you can think of abut life insurance.

Short and clear answers to queries about life insurance.

Are life insurance policies worth it

Yes, life insurance is worth each paise of its price. Once someone said there is no alternative to life insurance.

Are life insurance payouts taxable

Only pension plan payouts are taxable. Payout from all other plans like term, endowment, children, etc are tax exempted.

Are life insurance and health insurance the same

No. They are two different things. Life insurance covers for the death of the policy holder whereas a health plan will cover your medical expenses if you fall sick or meet with an accident.

Are life insurance premiums tax deductible

Yes. All premiums paid towards payment of premium for life insurance plans are exempted from income tax under section 80 (C) (C), as on today Oct 2020. The tax rules change from time to time.

Can life insurance policy be cancelled

Yes. All insurance plans can be cancelled and in certain plans and conditions you can get all your premiums paid and interest paid upon back.

Can life insurance policy be transferred

No. A life insurance plan cannot be transferred to another person.

Can life insurance company go bankrupt

Yes. Like any other company, life insurance forms can also go bankrupt. This is true theoretically but practically it is not possible for a life insurance company to go bankrupt. It has never happened till date.

Can life insurance be transferred to another company

No. Life insurance policies cannot be transferred from one company to another. You can buy plans from multiple companies by disclosing your current policies.

Can life insurance policy be used as collateral

Yes. Life policies are often used as collateral.

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