Can I pay LIC premium for my son?

How much money can you gift to a family member tax free in India?

As long as the sum of all the gifts received during the year does not exceed the threshold of fifty thousand rupees it is fully exempt but whole of the amount becomes taxable once it crosses the threshold of fifty thousand.

Can we claim parents LIC in 80D?

The qualifying amount under section 80D is up to Rs15,000 and additional deduction up to Rs15,000 is applicable for the parents. If the parents are senior citizens, then up to Rs20,000 is permitted for the tax deduction.

Can I claim my mom as a dependent for insurance?

Q: Can I add my parents or my spouse's parents to my plan? A: No, you cannot include your parents on your plan. They must enroll in their own health plan through their job, an individual insurance plan or Medicare (if they are eligible).

Are my parents my dependents?

Income limitation

Your parent must first meet income requirements set by the Internal Revenue Service to be claimed as your dependent. To qualify as a dependent, Your parent must not have earned or received more than the gross income test limit for the tax year.

How can I add LIC policy to my mother?

How can pay LIC premium online for parents?

You can do so by either visiting the LIC website or by downloading LIC India's app. To pay premiums through the insurer's website, visit www.licindia.in and click on 'Pay Premium online' from the 'Online Services portal'. Here you will get two options: a) Pay Direct (Without login) and b) Through customer portal.

Can I pay LIC premium for my brother?

Deduction is available in respect of policy taken in the name of taxpayer, his spouse and his children. No deduction is available in respect of premium paid in respect of policy taken in the name of any person other than given above.

Can I pay LIC premium for my wife?

Yes, in a family husband or wife any one can pay the life insurance premium and claim the tax benefits under section 80 C of income tax act. Children till the age of 23, their insurance premiums can also be paid and claimed for tax deductions.

Do LIC agents pay first premium?

Though, Agents earn the commission for the policies they sale. LIC offers 25% to 35% commission on the policy premium for the first year, then 7.5% for 2nd & 3rd Year + 5% till the policy maturity.

Can I pay LIC premium through PhonePe?

You can make insurance premium payments towards any of the insurance companies listed on PhonePe. ... Tap See All under the Recharge and Pay Bills section on the app home screen. Tap LIC/Insurance under Financial Services & Taxes.

What if LIC premium is paid twice?

Duplicate payment made through Bill Pay will be refunded to our service provider to be credited back to Policyholder's account. The refund process shall take 6 to 8 days.

Who are dependents in a family?

Dependant Family Members: parents, sisters, widowed sisters, widowed daughters, minor brothers and minor sister, children and step- children wholly dependent upon the Government Servant and are normally residing with the Government Servant”.

Who can be a dependent?

Are they related to you? The child can be your son, daughter, stepchild, eligible foster child, brother, sister, half brother, half sister, stepbrother, stepsister, adopted child or an offspring of any of them. Do they meet the age requirement? Your child must be under age 19 or, if a full-time student, under age 24.

Do I lose money if my parents claim me?

You may be wondering, "If my parents claim me, do I lose money?" The answer depends upon your income, but the standard deduction in 2018 for a person who is claimed as a dependent is either his earned income plus $350, or $1,050, whichever is greater.

Can I get insurance for just my child?

Q: Can you get child-only coverage through the federal or state insurance marketplaces? A: Yes, you can. As a bonus, those sites will tell you if you qualify for CHIP or Medicaid coverage when you fill out an application.

How can I stay on my parents insurance after 26?

Under current law, if your plan covers children, you can now add or keep your children on your health insurance policy until they turn 26 years old. Children can join or remain on a parent's plan even if they are: ... Not financially dependent on their parents. Eligible to enroll in their employer's plan.

Can I use my boyfriends insurance for pregnant?

Unfortunately, the answer is likely “no.” Most insurance plans require that you're married in order to include a partner under your coverage, with some states providing exceptions for common law marriages.

Can I claim HRA for dependent parents?

Save tax as a family – By submitting rent receipts and paying it, you will be able to claim exemption on HRA. Your parents can deduct property taxes and also claim 30% standard deduction on the rental income. If they are in a lower tax bracket than you, the family can save tax as a whole.

Can I claim both parents as dependents?

If you do not file a joint return with your child's other parent, then only one of you can claim the child as a dependent. When both parents claim the child, the IRS will usually allow the claim for the parent that the child lived with the most during the year.

Can I claim my parents in India as dependents?

No, you cannot claim your parents in India. In order to claim a dependent who does not live with you, they have to be a U.S. Citizen, resident alien, national, or resident of Canada or Mexico.