Term Insurance Benefits On Maturity. As per the section 80c of the income tax act, 1961, the premiums paid for term insurance with maturity benefits are eligible for tax deductions of up to rs 1.5 lakh per annum. But if you are looking to gain some benefits from this plan in such an eventuality, then opt for term insurance with maturity benefits.
Despite the above mentioned benefits, the policyholder faces a dilemma when he or she considers investing in a term insurance plan. Types of benefits covered under maturity. This, coupled with unawareness of the term plan’s importance, is the main reason why term.
Our life is very precious, not only for us, but for our family members as well.
Ideally, term insurance plans only offer death benefits to the beneficiaries. In the event of survival of the life insured throughout the policy tenure no maturity benefit is payable. Thus, the policyholder can claim tax benefits for premiums paid under section 80c of the income tax act. In this case, insured is a person who has purchased the term plan (policyholder) whereas sum assured is the amount of coverage and tenure is the specified time period for which the insured has taken the policy.