1. What is Insurance?
Insurance is a legal agreement between two parties i.e. the insurance company (insurer) and the individual (insured). In this, the insurance company promises to make good the losses of the insured on happening of the insured contingency. The contingency is the event which causes a loss. It can be the death of the policyholder or damage/destruction of the property. It’s called a contingency because there’s an uncertainty regarding happening of the event. The insured pays a premium in return for the promise made by the insurer.
2. What are the types of insurance available in India?
Insurance in India can be broadly divided into three categories:
- Life insurance
- Health insurance
- Car insurance
- Education Insurance
- Home insurance
3. What are the tax benefits on insurance?
Apart from the safety and security benefits of buying insurance, there are also the income tax benefits that you can avail.
- Life insurance premium of up to ₹1.5 lakh can be claimed as a tax-saving deduction under Section 80C
- Medical insurance premium of up to ₹25,000 for yourself and your family and ₹25,000 for your parents can be claimed as a tax-saving deduction under Section 80D
These claims have to be made at the time of e-filing income tax returns.
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