How to get income tax benefits from insurance cover
Life insurance policy promises to pay an assured sum of money to the nominee(s) in case an individual dies during the policy period. Tax deductions on life insurance can be claimed for premiums paid toward insuring self, spouse, dependent children and any member of Hindu Undivided Family.
There are various kinds of insurance like life insurance, health insurance, motor insurance, property insurance, business insurance, etc. Apart from financial protection insurance provides, one can also claim tax benefits on the premiums paid. (Pixabay)