Although Life insurance coverage and its premiums depend upon various factors, but some important ones are:
1. Age of the policyholder 2. Health conditions – both current and history 3. Occupation 4. Smoking and drinking habits 5. Type of insurance policy ⦁ Products available Max Life Insurance BajajAllianz ICICI prudential HDFC
Amount paid toward premium for different types of life insurance plans is tax-deductible 1. Under Section 80C of income tax 1981, the premium payable towards all types of life insurance plans is tax-deductible up to Rs 1.5 lakh 2. Under Section 80D of income tax 1981, the premium payable towards all types of health insurance plans is tax-deductible, subject to a maximum of Rs 25,000 for self, wife and children and additional 25,000 for parents having age below 60 years (the tax savings can go up to Rs 50,000 for senior citizens individual and 50000 if parents are senior citizens. Total deduction can go upto 1Lakh)
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