Life Insurance Corporation of India (LIC) is a state-owned insurance company that provides various insurance products and services to its customers. LIC is one of the leading life insurance companies in India and has a strong presence in the market. It offers a wide range of insurance products such as term insurance, endowment plans, pension plans, ULIPs, etc. to cater to the diverse needs of customers.

When you buy an LIC policy, it is essential to keep track of your policy status regularly. It will help you to know the current status of your policy, such as premium due dates, policy maturity date, policy status, etc. Checking your LIC policy status is now more comfortable and convenient than ever before, thanks to the internet.

In this article, we will discuss a quick guide with # steps to check your LIC policy status online.

Step 1: Visit LIC’s official website

The first step to check your LIC policy status online is to visit LIC’s official website. To do this, open your web browser and type www.licindia.in in the address bar. Once you land on the website’s homepage, you will see a ‘customer portal’ option on the right-hand side of the screen. Click on it to proceed further.

Step 2: Register/Login to your account

After clicking on the ‘customer portal’ option, you will be redirected to a new page. Here, you will see two options – ‘New User’ and ‘Registered User.’ If you are a new user, click on the ‘New User’ option and register yourself by filling in the necessary details. If you are a registered user, enter your username and password to log in to your account.

Step 3: Navigate to the policy status option

Once you have logged in to your account, navigate to the ‘Policy Status’ option. You will find this option under the ‘Online Services’ tab. Click on it to proceed further.

Step 4: Enter your policy details

After clicking on the ‘Policy Status’ option, you will be redirected to a new page. Here, you will be asked to enter your policy number and premium amount. Fill in the required details and click on the ‘Submit’ button.

Step 5: View your policy status

After submitting your policy details, you will be able to view your LIC policy status on the screen. It will provide you with all the necessary information about your policy, such as the premium due date, policy maturity date, policy status, etc.

Step 6: Take a printout or save the policy status

Once you have checked your LIC policy status online, you can take a printout or save it for future reference. This will help you keep track of your policy and ensure that you pay your premiums on time.

In addition to checking your LIC policy status, the online portal also offers a range of other services, such as premium payment, policy renewal, policy loan, and much more. You can also update your personal details, such as address, contact number, email ID, etc., through the portal. This will help you to keep your policy information up-to-date and ensure that you receive all the necessary communication from LIC. So, make sure to explore all the online services offered by LIC and make the most of them.

Conclusion

In conclusion, checking your LIC policy status online is a quick and convenient way to keep track of your policy. It will help you to know the current status of your policy, such as premium due dates, policy maturity date, policy status, etc. Follow the above-mentioned steps to check your LIC policy status online and ensure that your policy remains in force. Remember to pay your premiums on time to avoid any policy lapses or penalties. With LIC’s online services, managing your policy has never been easier.

Is term insurance tax-free?

The response to the query is fairly straightforward. Term plans can give several different tax benefits under different provisions of the Income Tax Act 1961, even though the policy itself is not tax-free.

Term insurance: what is it?

Before we dig into the numerous tax benefits, let’s quickly review the idea of a term insurance plan.

A type of life insurance plan, known as a term insurance plan, provides you with life coverage for a certain amount of time in exchange for regular and recurring payments from the policyholder, known as premiums. The insurer would pay your nominees a specific pre-decided amount known as the death benefit in the event of your passing within the policy period. Your nominees are free to use this death benefit in any way they see appropriate to achieve their objectives in life. Term plan rates can be substantially less expensive than standard life insurance premiums.

Now that you are comfortable with term insurance, let’s look at the plan’s tax advantages.

Sections 80C, 10(10D), and 80D of the Income Tax Act of 1961 are the three main sections that provide tax benefits for term life insurance plans.

1. Income Tax Act benefits under Section 80C

A term insurance policy’s premiums paid during a financial year may be deducted from your overall income up to a maximum of Rs. 1.5 lakh under the rules of section 80C of the Income Tax Act of 1961, subject to certain restrictions. By doing this, you can lower your overall taxable income through term insurance tax benefits and the amount of tax you would owe.

Here is an illustration to help make things clear:

Imagine deciding on a term insurance policy for 10 years with a death benefit of Rs. 1 crore. It is safe to assume that the premium you must pay each month will cost Rs. 12,500. Let’s say your annual income totals Rs. 12,00,000. You can now deduct the premiums you pay for a term insurance policy utilising the rules of section 80C. Given that you pay roughly Rs. 1.5 lakh in premiums per year, you can deduct the entire sum, bringing your total taxable income down to Rs. 10,50,000. (Rs. 12,00,000 – Rs. 1,50,000). In this case, you would only be required to pay tax on Rs. 10,50,000 rather than Rs. 12,000,000.

In this way, term insurance tax benefits might reduce your taxable income.

2. Advantages provided by the Income Tax Act Section 10(10D)

The death benefit provided by a term insurance plan is now totally exempt from taxation in the hands of your nominees under section 10(10D) of the IT Act of 1961. However, this is only true if the death benefit payment is at least ten times what you pay in premiums each year for the plan.

3. Compensation under section 80D of the Income Tax Act

You may deduct the premiums you pay for a health insurance plan from your gross income under Section 80D of the Income Tax Act of 1961. Despite the fact that term insurance policies are not specifically mentioned in this section, you can still use them to lower your overall tax obligation.

You may deduct the premium you pay for the rider under Section 80D of the Income Tax Act if you choose any health-related riders besides your base term life insurance, such as the critical illness benefit rider. In addition, as described above, you can recover the premium you have paid for your base term plan under Section 80C of the Income Tax Act.

You can check your premium using the term insurance calculator. But the riders you choose will add to the premium you will have to pay finally. Be sure to calculate the correct premium value, so it is not a burden to pay later on.

Details of refunds for term insurance

The insurance sector’s regulatory organisation is the Insurance Regulatory and Development Authority (IRDAI). Insurance coverage must provide a free-look period under the requirements imposed by the IRDAI.

You can return the policy to your insurer within this free-look time and get a refund of the premium you paid if there are any terms or conditions you disagree with, subject to certain deductions. Term and other life insurance types are covered during this free-look period. If you need more clarity on how much you get back, you can always use a term insurance calculator but be sure to include the riders you have chosen.

In this way, you can protect your family’s future as well as take advantage of the tax benefits provided by term insurance.

There are 2 tax regimes in India – new and old. Choose the correct one after consulting an expert to get the tax benefit you desire. You can opt for a regime change during the next financial year.

Visit the official website of IRDAI for further details.

All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply.

General liability insurance for contractors is a contract between the policyholder and the insurer. The policyholder receives financial protection or reimbursement from an insurance firm in the event of a loss.

Insurance combines the resources of many people who face similar risks to protect the few who suffer loss. When you purchase an insurance policy and pay an insurance premium, you contribute some of your money to a pool.

You may not receive benefits if you do not file a claim during the policy’s term. The policy type and the conditions determine it.

Many insurance types include California home insurance in high fire risk areas, long-term disability insurance, and auto insurance. Choosing the best one will help you stay protected from danger.

Why Do You Need Insurance?

• Protection from unexpected expenses – Insurance protects your income by acting as a replacement, allowing you to pay off debts and other costs.
• Makes retirement secure – It also makes your retirement safe. The retirement policy lets you save a percentage of your income over time to ensure financial security after you retire. The covered person will receive a pension from the accumulated income.
• Gives peace of mind – Insurance provides you with peace of mind and financial security. Insurance cannot prevent disasters, but it can provide tranquillity, knowing your loved ones are kept safe.
• Supports your future – Your current situation may be stable. But life is unpredictable. Unexpected catastrophes can devastate your life.With insurance, you are protecting your family’s ability to receive a lump sum payment to meet their requirements.
• Required by law – Some states require entities to get insured. Business owners may be mandated to purchase some of the following: Workers’ Compensation, Commercial Auto, and Professional Liability Insurance.

Safeguard your life with insurance

ISU Armac is an insurance agency based in Victorville, California. The company is committed to supporting clients with quality insurance plans tailored to their needs while also providing competitive rates.

Contact them at (760) 241-7900 or visit their website www.isu-armac.com/ for more information on their different insurance services.

In Texas, a series LLC is a single-member limited liability company (SMLLC) that allows you to segregate your business interests into separate series. Each series in the LLC can own its assets and liabilities, but they are all owned by the same member. If one of your series gets sued, the others are not affected by the lawsuit. In this post,

What is a series LLC?

A series llc austin tx is a single entity divided into separate legal entities. It allows business owners to keep their assets separate from other business interests and their partners’ assets. Series LLCs were created for two main reasons:

• To protect the privacy of each individual in a group of owners or investors by allowing them to keep their identities private from other members.
• Protect an owner’s assets from liabilities associated with his or her businesses.

Is a series LLC right for you?

• What is a series LLC?
• How does it work?

The concept of a series LLC is that you can organize your business into multiple discrete legal entities, each with its name, purpose, and assets. This is important because certain advantages are associated with having independent legal entities:

• You can limit liability by using different series to conduct particular activities. For example, if one of your companies gets sued for committing some kind of fraud or other bad behavior in its capacity as an operating company, then the damages would only be applied against that single entity; none of the other series would be on the hook for those damages (because they didn’t do anything wrong).
• Each individual “series” within an LLC can have its own tax identification number (EIN) and operate independently from all other series within that same LLC, so if you want each part of your business (e.g., manufacturing vs retailing) to keep separate financial books and records from each other, this structure makes it easy! You won’t have trouble accounting for expenses incurred by one party versus another because they’ll never be mixed at all; they’re just kept in separate accounts under different EINs belonging to entirely separate companies within one parent company called “the Series LLC.”

How much does it cost to establish a series LLC in Texas?

The cost of establishing a series LLC in Texas depends on the number of series you want to create and the complexity of your structure. For example, if you’re creating one series and it’s fairly straightforward (just one member), then the total cost will be about $500 for each LLC. However, if you’re creating three different types of entities and four memberships within those entities, your costs could be much higher, around $2,000 or more. Alternatively, when filling out these forms by mail or in person at any county clerk’s office across Texas (including Arlington County Clerk), make sure that whoever fills out this paperwork has all required documents in order before submitting them to their respective county clerk’s office, so they have done don’t have to pay extra fees because they didn’t submit everything correctly first time round!

A series LLC is a business entity that allows you to separate your assets into different” “series.” For example, if you own a restaurant and want to separate the real estate from the business, you could create two different series within your LLC: one for the building and one for your operations.

This type of structure is similar to what many people know as a corporation or an LLC. A series LLC offers benefits similar to those of both types of organizations but combines them into one entity.

Conclusion

It’s not easy to start a series llc austin tx, but it’s also not impossible. You just need to know what you’re doing and get the right help. The first step is learning about what this business entity can do for you and knowing if it’s right for your needs.

The commercial plumbing companies have risen to exceptional heights in recent years. This is the high yielding business but poses risks simultaneously. The plumbing is required in public, residential as well as sole owners of the house. To have a headway in business, you need to purchase protective commercial plumbing insurance. You need to get a brief about the range of coverages provided in the insurance.

Before that, you need to know how to purchase an insurance quote for your commercial plumbing company. The following factors must be kept in mind before buying a quote.

Deductibility

There are many deductibilities as per the state. Some provide tax deductions according to your insurance policy.  The insurance has policies that look after fees, liability protection, cost of maintenance, purchase, initial certification in licensing, and related. You need to have a rough idea and accessibility of all possible deductibilities before buying a quote.

Liabilities

The best analysis method is to look beyond the policy in terms of liabilities. What kind of liabilities are they providing? The public and customer liabilities are included in this. Moreover, this would provide protection to your commercial plumbing company.

Claims

There are many claims filed by clients and the public. These can be in different forms like in accidents and bodily injury. The property damages are also inclusive of claims. The personal property, legal expenses, other rental costs of hired equipment, and auto vehicles also is covered up in claims by the insurance companies.

Number of Employees

The policy scrutinizes the number of employees in the company. Accordingly, their accidental medical expenses and worker compensation is decided in the policy. So, look for the best deal that has inclusive coverage for your employees in the plumbing business.

Location

The location is also detrimental in fixing your commercial plumbing insurance policy. The plumber business location is a filter for insurance policies. The prices are then calculated in the quote.

Coverage

The commercial coverage forms the most important part of plumbing companies. There are more coverages like General liability coverage, business owner policy, commercial auto vehicle insurance, and additional business coverage. You can get a specifically tailored insurance policy for your commercial plumbing business.

Flexibility

The insurance must be flexible in respective to purchase. This is a sort of adjustability in premiums. The monthly and annual premiums must be designed properly and lower for clients in dual or two cover policies.

Feasibility

The policy must be feasible in nature. The feasibility must be addressed properly before buying commercial plumbing insurance.

Customer Services

The efficient plumbing services are in high demand. It is also necessary to provide work on time. The clients buy a reasonable quote based on your company’s reviews and reputation.

The above factors must be taken into consideration for commercial plumbing insurance. Analyze them properly for the best outcome. The legal, medical, compensation, claims, and all such expenses are covered up in insurance. Land into the best quote to lead your plumbing company more efficiently.