Lifestyle

Purchase A Term Life Insurance To Save Tax And Secure Your Family!

Published

1 year ago

February 28, 2023

Term life insurance is often the best antidote to two of your dilemmas. You can financially secure your family and save on taxes. Experts feel that it should be an integral component of every portfolio. There are several advantages of purchasing term insurance policies, particularly from a taxation-related perspective. This article takes you deeper into these aspects, starting with a basic overview of what term insurance entails.

Term insurance- An essential guide

Term insurance offers life insurance coverage for a specific period and does not provide any maturity benefits. In these policies, the insurance company pays a death benefit to the nominee upon the policyholder’s demise within the policy period. This amount will secure the family’s financial future and cover the loss of income. If the policyholder outlives the policy tenure, then there is no payout for the same. The term insurance premium is comparatively lower for higher coverage. There are several tax benefits offered by term life insurance. Here’s taking a look at the same.

Tax Benefits of Term Insurance

There are numerous tax benefits available for policyholders. Some of them include the following:

Section 80C offers deductions up to Rs. 1.5 lakh on the term insurance premium payments. It applies to premium payments for you, your spouse, and your children. However, for policies issued on or after 1st April 2012, if the premium amount crosses 10% of the sum assured, then the maximum deduction is 10% of the sum assured amount. If the plan was bought before 31st March 2012, the deduction would apply to the premium with a limit of 20% of the sum assured.
Section 10 (10D) offers tax exemptions on the death benefit paid by the insurance company to the nominees of policyholders. This is completely exempted without any upper limits.
Section 80D deductions on health insurance coverage are also possible with term insurance policies. Adding a critical illness rider or any health-related rider gets deductions up to Rs. 25,000 under this section. If you are a senior citizen, then you can get deductions up to Rs. 50,000.

These are the tax benefits on term insurance policies, encompassing deductions and exemptions. These are the advantages of availing of term insurance plans. However, there are scenarios where beneficiaries may have to pay taxes on term insurance payouts. One situation is when the policyholder mentions in the application that the death benefit is not immediately payable after a demise. The insurance company keeps the funds and pays them once the interest-bearing period concludes. The interest payment is taxable in this case.

Another situation is when the policy proceeds come through an inheritance. Beneficiaries will then have to pay taxes on the payout. The policy benefits sometimes get transferred to the policyholder’s estate if the nominee’s details are not provided earlier. These are rare scenarios though they happen at times. Whenever the insurance payout is added to the deceased individual’s estate, it will be subject to inheritance taxes. Most insurance companies, however, require information on primary and secondary beneficiaries from policyholders. Hence, it is rare to encounter any such situation. The secondary beneficiary will get the payout in case of the demise of the primary policyholder.

Be cautious while choosing your term insurance policy. You can use an online term insurance premium calculator to calculate the premium payable for your plan. You can also choose the premium payment frequency, i.e. monthly, annually, quarterly, etc. You can flexibly choose this for maximum convenience. You can also select the tenure of your policy with the coverage amount. Ensure you get the highest possible coverage for the lowest possible premium amount. However, skimping on coverage will only lead to issues in the future. Hence, ensure that you choose suitable coverage amounts to cover your family’s future lifestyle, financial requirements, objectives, and current liabilities. Accounting for everything, term insurance is the best way to save on taxes and also financially safeguard your family in any untoward situation.

Sports

Anthony Davis’ New Back Tattoo Is Based On His Career Timeline Drawn By Steve Wiebe

Published

3 hours ago

May 4, 2024

Shreshtha Banerjee

Anthony Davis' New Back Tattoo Is Based On His Career Timeline Drawn By Steve Wiebe

Anthony Davis is a well-known NBA player who plays for the Los Angeles Lakers team. Being a basketball player and a pretty damn good one, he also has a series of tattoo scribbles on his body which induce his good and give him the swagger that he has.

Anthony Davis’ New Back Tattoo Meaning

Davis already has a couple of tattoos all over his body, but now he introduced a new one, and this time it’s on his back. Tattoos are generally something that is permanent and is emotionally connected to the person who gets it.

When it comes to Davis, this time he tattooed something that shows his career growth and how he has come down the line. Competitive sports can be difficult, and as the name suggests, there are tons of competition before one can grow and fully establish their name.

Anthony Davis new back tattoo so fye 🔥

“Started with a dream” with his chips on all levels pic.twitter.com/t9Glc8TcQ2— † (@HoodiHachimura) May 3, 2024

Davis’ tattoo is a phrase, “started with a dream,” which details his path to success. That tattoo also includes the NCAA championship trophy from Kentucky’s 2012 and the Larry O’Brien Trophy from the Lakers’ 2020 NBA Finals. In his right thigh, Davis has a tattoo that honors Kobe Bryant, which he got back in 2020 when he died in the helicopter crash.

Back in the year 2011-12, Davis used to play for the university team of the University of Kentucky. Then, in 2012, he got selected by the New Orleans Hornets in the 2012 NBA Draft. He started getting his head in the game and then got tagged as the national college player of the year, which was noted unanimously.

Through the years, Davis performed his best to rise to the top; he is a fan favorite now. His new tattoo is drawn by Steve Wiebe and netizens online are in awe of how beautiful and inspiring the tattoo looks.

Also Check: LaMelo Ball Reveals His New Back Tattoo, Fans and Netizens Remain Unimpressed

Tattoos & Bodyart

30 Best Whitebeard Tattoo Ideas For Die-Hard One Peace Fans

Published

10 hours ago

May 4, 2024

Shreshtha Banerjee

30 Best Whitebeard Tattoo Ideas For Die-Hard One Peace Fans

Whitebeard is known as the world’s strongest man in the cartoon world of One Piece. He stands 21’10” tall and possesses special abilities that help him defeat his enemies. Despite being an old man, Whitebeard has the strength and courage to confront everything and everyone he despises.

Whitebeard tattoos are very popular among One Piece fans who want to keep a reminder of this heroic character who refused to give up. Tattoos are artistic symbols inked permanently on the body by professionals. People often choose tattoos that represent something important or memorable in their lives.

If you are a One Piece fan and would like to get a Whitebeard tattoo, below we have listed the 30 best ideas for Whitebeard tattoos. Scroll down to draw inspiration from them.

30 Whitebeard Tattoo Ideas:

1. Grainy Whitebeard Tattoo Idea

Credit: @geometrink/Instagram

2. Detailed

Credit: @syms_barbu/Instagram

3. Shoulder

Credit: @animetattooers/Instagram

4. Chest Whitebeard Tattoo Idea

Credit: @matsunagaink/Instagram

5. Graphic

Credit: @alessandroforti_tattoo/Instagram

6. Full Hand

Credit: @onepiecetattoos/Instagram

7. Full Back

Credit: @cosma_d_black/Instagram

8. Colorful

Credit: @scatto_tattoo/Instagram

9. Block Color

Credit: @themanyao/Instagram

10. Forearm

Credit: @inkmathias/Instagram

11. Blue Whitebeard Tattoo Idea

Credit: @anime_tattoosz/Instagram

12. Minimal

Credit: @ink_chigo/Instagram

13. Upper Hand

Credit: @juani_tattoart/Instagram

14. Realistic

Credit: @uncl_paul_knows_upk/Instagram

15. Intricate Whitebeard Tattoo Idea

Credit: @askvl.inkz/Instagram

16. Leg

Credit: Pinterest

17. Side Face

Credit: Pinterest

18. Writing

Credit: Pinterest

19. Symbols

Credit: Pinterest

20. Comic

Credit: Pinterest

21. Quote

Credit: Pinterest

22. Back

Credit: Pinterest

23. Neck Whitebeard Tattoo Idea

Credit: Pinterest

24. Cute

Credit: Pinterest

25. Quote

Credit: Pinterest

26. Bold

Credit: Pinterest

27. Number

Credit: Pinterest

28. Smilies

Credit: Pinterest

29. Aesthetic

Credit: Pinterest

30. Yellow

Credit: Pinterest

Wishes

International Firefighters’ Day 2024 Theme, Quotes, Images, Wishes, Messages, Greetings, Sayings, Cliparts and Instagram Captions

Published

10 hours ago

May 4, 2024

Subhashree Panda

International Firefighters' Day 2024 Theme, Quotes, Images, Wishes, Messages, Greetings, Sayings, Cliparts and Instagram Captions

Every year on May 4th, International Firefighters’ Day (IFFD) is commemorated. This day is dedicated to all those brave firefighters who risk their lives to protect the environment and their communities.

It is commemorated to remember the brave men who served the country and, ultimately, sacrificed their lives while fighting for them.

International Firefighters’ Day can be celebrated in multiple ways. One way is to wear and display red and blue ribbons.

These ribbons signify the elements that firefighters work with: blue for water and red for fire. Another way is to express gratitude to them for their benevolent contributions.

International Firefighters’ Day 2024: Date

International Firefighters’ Day is observed annually on May 4th. Moreover, in 2024, it falls on Saturday, May 4th, 2024.

International Firefighters’ Day 2024: Theme

The theme for this year’s International Firefighters’ Day has not been disclosed yet.

History

The observance of International Firefighters’ Day was officially decided to be on May 4th. This day was specifically chosen because the patron saint of all firefighters, St. Florian, was killed on this day.

In the entire Roman Empire, St. Florian was the “first known commander of a firefighting squad.” However, he met his ultimate demise trying to protect his community and surroundings.

Significance

International Firefighters’ Day is a significant day highly crucial to recognize and commemorate the bravery of firefighters. It also takes into consideration the dedication of firefighters across the globe.

International Firefighters’ Day is also a day to remember those tragic firefighters who lost their lives. The tragic losses are not borne only by the ordinary citizens but also by their communities and families.

Hence, resources and support need to be provided for their communities and families.

Discover the theme, inspiring quotes, heartfelt wishes, images, and more for International Firefighters’ Day 2024. Get ready to honor and appreciate the courage of firefighters worldwide.

Best International Firefighters’ Day 2024 Quotes, Images, Wishes, Messages, and Greetings

Firefighters are some of the most selfless and honest public servants you will ever encounter – Denis Leary.

A man’s greatest act of bravery is accomplished the moment he joins the fire department – Ed F. Croker.

Firefighters don’t go on strike – Denis Leary.

Courage is resistance to fear, mastery of fear, not absence of fear – Mark Twain.

But shout out the praises and award the winner’s crown. To our brave firefighters who don’t back down from danger – Fredric G. W. Fenn.

When a man becomes a firefighter his greatest act of bravery has been accomplished. What he does after that is all in the line of work. [Edward F. Crocker].

Once you have a firefighter in your family, your family and the families of his crew become one big extended family. [Denis Leary].