insurance premium

More

ITR filing: What income tax rule says on premium paid for life insurance policy of a house wife

  • May 11, 2023

My wife and me have life insurance policies of 25 lakh each. My wife does not have any income. Can I claim deduction u/s 80C in respect of the premium paid for her?.

Premiums paid by an individual for life cover taken for self, spouse, and children are eligible for the deduction u/s 80C. As far as payment of premium for children is concerned it is not necessary that the children should be dependent on you. So the child for which you can pay the life insurance premium can be major or minor, married or unmarried. This can be used to optimise the tax outgo in the family as the earning children have so many eligible items like school fee and repayment of home loan under Section 80 C that in most of the cases these items overflow their bucket of section 80 C whereas the parents specially the retired do not have many avenues to claim deduction under Section 80C. So they can pay the life insurance premium on the life of their earning children which otherwise would have not been eligible for deduction in their hands. Please note the children can not claim deduction for payment of life insurance on the policies of their parents but can claim deduction under Section 80D for payment of health insurance premium even if the parents are not dependent on the child.

Let me tell you the purpose of buying life insurance is to protect the dependent family members in the eventuality of earning family member’s death and should never be bought for the purpose of saving taxes. Since your wife does not have any income, you should not have bought any life insurance policy on her life and it would make more financial sense for you to have taken

Read the rest
More

Forsyth, Guilford motorists face steep auto insurance premium hike request

  • March 10, 2023

Motorists in Forsyth and Guilford counties would pay a higher annual automobile insurance premium rate than the statewide request made last week by the N.C. Rate Bureau. The N.C. Insurance Department announced Thursday the request has been submitted to Commissioner Mike Causey, with an effective date of Oct. 1.

The rate requests are made by territory and listed by ZIP codes. The statewide request is for a 28.4% hike. Some counties, such as Davidson and Guilford, are split into two or more territories.

A 29.6% increase is being requested for motorists in the 350 territory that consists primarily of Davie and Forsyth counties, along with the Forsyth portion in Colfax, High Point and King. The 350 territory also includes nine ZIP codes in Greensboro, as well as all of Jamestown, Summerfield and Oak Ridge.

Meanwhile, there is a 34.6% increase for the 340 territory that consists of 19 ZIP codes in Greensboro and six in High Point.

People are also reading…

The bureau is an independent group representing insurers writing policies in North Carolina. It typically asks for rate increases — some substantially higher in areas prone to damage from natural disasters, such as hurricanes, floods and winter storms. However, the insurance commissioner typically seldom agrees to a rate anywhere close to the bureau’s full request.

Other proposed rate increases affected the 14-county Triad and Northwest N.C. are:

27.6% increase for the 320 territory that consists of communities in Alamance, Davidson, Guilford, Randolph, Rockingham, Stokes, Surry, Wilkes and Yadkin counties.

  • 31% increase for the 360 territory that includes Lexington, Thomasville, Wallburg and Welcome.
  • 27.6% increase for the 370 territory that includes Linwood.
  • 27.1% increase for the 480 territory that includes Alleghany, Ashe and Watauga counties.

It is the bureau’s first auto insurance premium rate increase request for private passenger motorists

Read the rest
More

Car insurance in Singapore: All you need to know to get the cheapest rate (2022), Money News

  • August 17, 2022

3. What is excess? And how much should it be?

“Excess” refers to the amount you have to pay out of your pocket before the insurance company pays for the rest.

For example, Ryan is coasting down the freeway, headbanging to a Linkin Park album when a tree jumps in his path. He slams into it, and the cost to fix his car is $2,000. His excess is $600 (for a pretty comprehensive plan). So he just pays $600, and the insurer forks out the remaining $1,400.

Excess is inversely related to the cost of the car insurance plan. In plain English, this means…

Low excess = expensive insurance premium. If an accident happens, you’ll be very glad you need to fork out only $600, especially since you might already be stressing out over medical bills and having a rough time in general. But you will feel very broke when you pay for your annual car insurance premium. If you’re looking for a low excess of $300 to $400 or so, you can expect to pay $3,000 upwards for your annual premiums.

High excess = cheaper insurance premium. The good news is, you’ll get a bargain on your car insurance. The bad news is, you’ll be afraid to drive your car. This is a risk you might not want to bear unless you’re the safest driver on earth and enjoy the protection of a prominent deity.

alt

Note that if you add on a perceived “risky” driver – eg your kid (under 23 years old with less than two years of driving experience) who’s just gotten her driver’s license – your insurer might force you to accept an additional young and inexperienced driver excess without any discount on your premium.

4. Should I get comprehensive or TPO (third party

Read the rest
More

How can young drivers reduce their car insurance premiums?

  • August 10, 2022

SPONSORED

Being a young driver is an incredibly exciting time. It’s a coming of age where you score one of your biggest achievements to date and gain a whole new level of freedom and flexibility. Of course, as exciting and life-altering as it is, one thing that can put a new driver off of the experience, is the fact that their insurance premiums are significantly higher.

Now, as frustrating as that might be, such is the reality. Due to the fact that older drivers have proven how to drive safely over the years without having any car accidents in the past, this should entitle them to an insurance discount. It is also no secret that young men can be notoriously careless at times. Thus, when driving behind the wheel, having a higher insurance premium gives a young new driver an incentive to keep their head down, drive carefully, and prove that they can be trusted on the roads.

How Can Young Drivers Reduce Their Car Insurance Premiums?

All that being said, is it possible for a young new driver to reduce their car insurance premium even slightly? Is there anything that can be done to soften the financial blow a little bit? In this article, we’re going to focus on ways that you can reduce your overall car insurance premium.

How can young drivers reduce their car insurance premiums?  |  News by Thaiger

Photo Via: Tadoo

1. Buy Compulsory Insurance (Por Ror Bor)

First of all, this isn’t something that we only recommend, it is required by law. Certainly, if you want to spend as little as possible you could buy only this insurance type when opting only for what is expected of you. However, you must bear in mind that this will only give you the most basic protection when driving on the roads. In the event that you do end

Read the rest