Can my wife pay my LIC premium?
Asked by: Donnie Reynolds | Last update: August 18, 2022Score: 4.7/5 (72 votes)
Yes, either the insured or the spouse can claim the benefits for the premiums paid by the other. For example, if the husband has paid the premium, the wife can claim deductions while filing for tax and vice versa. But only one can claim it for a particular year.
Can I pay LIC premium online for my wife?
Yes, you can. You can go to LICs website and go for PayDirect option for premiums. If you are a registered user on the website, you may login and then click. on Pay Premium through that.
Can I pay insurance premium for my wife?
Yes, you can. If you buy an insurance policy in the name of your wife or daughter and such policy is bought from your taxable income, you are eligible for 80-C deduction.
Can I pay LIC premium for others?
Under the policies registered under NACH mode, premium cannot be paid through any other payment channel except in case of NACH dishonor.
Can I pay the LIC premium on behalf of my friend?
MUMBAI: You cannot pay for someone's insurance cover in India. As per the anti-money laundering provisions, the money for the premium must come from the bank account or the credit card of the insurance customer. Third-party payment for insurance premiums was banned to tackle money laundering.
Surrender LIC policy Vs stop paying premium, which is best?
Can I pay LIC premium for my father?
You can certainly pay your parents Insurance premium but you cannot claim it in your Income Tax Return, as according to the present rules parents can pay premiums for self,their children and spouse and claim IT rebate on it. If your father needs to claim the rebate , he will have to pay from his account .
Can I pay LIC premium for my son?
Life insurance can be bought for any number of children, irrespective of whether they are major, minor, married/unmarried. Hence, your father can claim deduction under Section 80C, in respect of premium paid on policy taken in your name.
Can insurance premium be paid by third party?
Hence insurance companies won't be able to make any changes in this amount. At present, one has to pay the third-party insurance premium for five years in case of a two-wheeler and for three years in case of a car upfront when you buy the vehicle.
What happens if I stop paying LIC premium after 3 years?
For single premium policies, the surrender value gets acquired after the first year itself. In case you haven't paid even 2 or 3 years' premium (as per the case above) and want to discontinue, the insurer will not pay you back anything and will not convert it into a paid-up policy either. The money is all but lost.
What happens if LIC premium is not paid on time?
If your policy has lapsed due to non-payment of premiums within the due date, the terms and conditions of the policy contract are rendered void, till you revive your policy. Always keep your policy in force to ensure that your family gets their financial protection assured by your policy.
Can a wife buy life insurance on her husband?
You can legally buy life insurance for spouse, children, Business partner and aging parents. Spouse- To take out an insurance policy on your spouse you should have insurable interest and their consent.
Can we add wife LIC in 80C?
Correct answer : (b) Justification of correct answer : Premium on life insurance policy can be claimed as deduction under section 80C. In case of an individual, deduction is available in respect of policy taken in the name of taxpayer or his/her spouse or his/her children.
Can husband and wife both take term insurance?
A joint term insurance plan provides life coverage for the couple and has similar terms and conditions as that of an individual term plan. As under joint term insurance plan, both husband and wife are covered under the same policy, it is easy to keep track of the plan.
Can I pay LIC premium for my daughter online?
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.
How can I check my LIC policy without registration?
The Life Insurance Corporation of India provides an SMS number. It can be used to verify the status of a policy without having to register. You need to SMS ASKLIC<policy number>STAT to 56767877 from your registered phone number.
How can I link my Aadhar card to LIC policy?
Submit this Aadhaar / PAN Mandate Form duly completed along with the self-attested copy of Aadhaar card & PAN Card / Form No. 60 to the nearest LIC Branch for linking of your Aadhaar / PAN number to your LIC policies.
Is LIC better than FD?
Fixed deposits are best for both short- and medium-term investments whereas life insurance plans are designed for long term investments. You can invest for a period of as low as 7 days in fixed deposits unlike a life insurance plan wherein you need to invest for at least 10 years.
Can I withdraw LIC before maturity?
When you opt out of a policy before its maturity, it is called surrendering the policy. The amount that you receive at the time is the LIC policy surrender value. The life cover stops immediately and you won't be able to revive it in the future.
Is LIC premium refundable?
The refund process shall take 6 to 8 days. Also, If receipts for both the transactions have been received by customer, then the excess payment made through Bill Pay/Online portal will be refunded by servicing branch of LIC through NEFT. We request you to kindly adopt only one mode of premium payment.
Who is third party in insurance?
In the insurance world, the “first party” is you (i.e. the driver), the “second party” is the motor insurance company and the “third party” is basically everyone else.
Why insurance against third party is necessary?
Why is third-party insurance mandatory? If every vehicle on the road has third-party insurance, then victims of accidents can get adequately compensated without denting their finances. Similarly, the one at fault also does not suffer significant financial losses as the insurance policy covers it.
What is the law relating to third party insurance in India?
Third party insurance is compulsory under the motor vehicles Act,1988. As the third party insurance is mandatory so it cannot be overridden be any clause in the insurance policy.
Can policy holder nominate anyone for his insurance policy?
A nominee is appointed by the policyholder and can be anyone to whom the policyholder wants the financial benefits to accrue, in case of his/her death during policy tenure. General practice is to appoint spouse, children or parents as the nominee.
Can both husband and wife claim 80D?
As per section 80D, a taxpayer can deduct tax on premium paid towards medical insurance for self, spouse, parents, and dependent children. Individuals and HUF can claim this deduction. The limit of the deduction varies with age. A deduction of Rs 25,000 is available for self, spouse, and dependent children.
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.