The Life Insurance Corporation of India is the largest insurance provider in the country. Established in the year 1956 and currently having its headquarters in Mumbai, the Government of India is the owner of this public insurance company. The Life Insurance Corporation of India was formed by merging several private insurance corporations into one unified company.

In terms of performance, LIC is the best life insurance company in India. The company sells the greatest number of plans on a yearly basis thus placing them at the table. Life insurance, medical insurance, vehicle insurance, different types of investment plans, retirement plans etc. are some of the common plans that are bought. As of today, LIC India has the largest hold on market shares in insurance. You can also refer the top general insurance companies in India.

LIC at a Glimpse

The Life Insurance Corporation of India has established itself throughout the country. The company has the largest amount of money that is invested in it through customers and also sell the most number of plans in the course of a year.

• • LIC India is located in Mumbai which is the hub for trade and commerce in India.
  • The company has the largest recognition all over India with the greatest number of workers and agents under it’s wings.
  • LIC holds the greatest amount of share in the market.
  • Different policies are present that are based off of a wise spectrum of customer types. The plans and policies are so diverse in order to meet the needs and requirements of every single customer.
  • LIC India has one of the fastest claim settlement times among all other insurance companies that are present in India.
  • Policy and plan holders are exempted from tax in nearly all policies that are offered by the company.

LIC Term Plans

LIC India has term insurance plans for customers. These plans are like regular insurance plans that have a variety of features and inclusions. The premiums of the plans are low as compared to a normal insurance plans. The plan gives special benefits to the nominee of the insurance holder in the case of an unforeseen death. Once the plan matures, no maturity value is given to the insurance holder.

Due to the price of buying the plan and the premium that needs to be payed are all very low while the coverage of the plan is very high, many individuals prefer to buy this plan. The plan allows an individual to not only get a life insurance benefit for himself/herself but also guarantees the financial stability of the insurers family when the insured is no longer present. The plans are cheap which is the most attractive feature of the plan itself.

Why Buy a LIC Term Plan?

LIC term plans have their premiums and amounts decided depending on the age of the individual who is buying the plan. The younger the individual, the cheaper will be the terms insurance plan for him/her. Some reasons why a term insurance plan should be bought include:

• • A term insurance plan saves a lot of money. The term insurance plans are cheap to buy and the premium for the plans also do not hurt the pocket of the insured. Taking into account that there is no maturity value of the plan, the plan includes all the features of a life insurance plan. Term plans guarantee the safety of the individual and the family of the insured for the rest of their days while also being cheap. This is the prime reason why the plans are so popular among many.
  • The term insurance plan premium depends on the age of the individual. Young people are healthier compared to those who have aged. At a young age getting a life insurance cover that is not very expensive and which includes all the features of a health insurance plan is the most appealing feature of the plan. Term insurance plans allow the insured to be worry-free for health insurance throughout their lives.

LIC e-Term Online Plan

In the age of the internet and technology, nearly all insurance plans can be bought on the internet. The premiums for the plan and other payments for maintaining the plan can also be done on an online platform. Similarly, a term insurance plan can also be bought off of the internet from the official LIC website in minutes. An online term insurance plan by LIC is known as an e-Term plan.

Features and Benefits of LIC e-Term Online Plan

The plan has a number of features and benefits such as:

1. 1. The minimum age for any individual to buy this plan is 18 years while the maximum age for the same is 60 years.
   2. The plan can mature in a matter of 10 years or 35 years. The maturity of the plan depends on the age of the individual who is buying the plan.
   3. Depending on the sum that is assured to the insured, the minimum and the maximum annual premium for the plan can be easily calculated.
   4. The plan has a grace period of 30 days after which the plan will lapse.
   5. A lapsed policy can be renewed within 2 years.
   6. This plan can either be taken for a single individual or for a family.
   7. The maximum age for the plan to cover an individual is 75 years.
   8. Trail period for this policy is also available for customers. If customers return the policy then the premium for the policy is returned back to the individual. This trial period is up to 30 days.
   9. The minimum amount of money that is assured from an e-term policy is Rs. 25 lakhs for those who smoke while it is Rs. 50 lakh for non-smoker customers.
   10. At the time of an untimely death of the insured, the entire sum assured is paid to the nominee of the insured.

Since the term insurance plan by LIC is an online plan, the application for the policy and all other necessary details are filled on an online platform. There is no need for the customer to come to a LIC office or go through an agent for the same. On an online basis, customers can also track the progress and know their LIC policy status along with the necessary details for the same.

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Income tax is a tax that governments levy on the financial income generated by the different establishments in their jurisdiction. The funds thus obtained are used to finance its various functions. There are two types of taxes-Direct and Indirect. Income tax is a direct tax and other taxes like VAT, Service tax, Goods and Service tax are indirect taxes.

Taxes provide financial stability that is helpful in even distribution of wealth among the people of the country. Taxes play an important part in withstanding the upheavals of the economic cycles. The guidelines for the payment of income tax are based on the guidelines of the Income Tax Act.

As per this act, income from these sources can be taxed-

• Salaries
• Capital gains
• Income from house/property
• Profits from profession or business
• Income from other sources

Sum of income from all these sources is estimated as per the Income Tax Act. The tax rates are based on the earnings of a person and are termed as Income Tax Slabs. The Income Tax rates are revised every year during the budget.
Income tax is calculated yearly. Financial year begins on the 1st of April in a given year and ends on the 31st March the following year. Tax is imposed on the income earned in the previous year which is called as Assessment year.

The income tax deadlines for the financial years are-

• 31st July- The last date of filing returns for non-audit cases
• 30th September –The last date of filing returns for audit cases.

Filing of Income Tax for Salaried Persons

People earning income can file the income tax returns as per Form 16. The details of income are mentioned in Form 16 issued by their employers.

Income Tax Returns (ITR)

Tax Returns are a statement of earnings from different sources of income and these include tax liability, details of tax paid and other refunds that they should get from the government.

Late Filing of Income Tax Return

Income Tax Returns should be filed before the deadline to avoid the penalty for non-filing of tax returns.

The clause ‘losing relief in case return not filed within due date’, was apparently not completely and clearly understood by the people and they concluded that complete Chapter VI A deduction is covered. The general public seems to have understood that deduction u/s 80C (payment of School Fee/LIC/PPF), 80G (Donations), 80D Mediclaim, 80TTB & 80TTA (interest from the bank) will no longer be allowed if the filing of the Income Tax Return is done after the due date. This is not true as only Part C of Chapter VIA is included in the budget proposal.

There are chances of loss of relief in case of some incomes mentioned in Part C and this is when the ITR is filed after the due date. The relief permitted under the other four parts will remain undisturbed by the proposed amendment. The Chapter VIA of the Income Tax Act 1961 covers the “Deductions to be made in Computation of Total Income”.

There are five parts to this chapter.

• • Part A is General and covers Sections 80A, 80 AB, 80AC, and 80B.
  • Part B covers deductions in respect of some payments (containing Sections 80C to 80GGC)
  • Part C includes deductions in respect of some incomes (this includes Sections 80H to 80TT)
  • Part CA covers deductions with respect to other incomes (covering Sections 80TTA and projected 80TTB)
  • Part D includes other deductions (covering Sections 80U).

Payments of Life Insurance Premiums, investing in school fee, provident fund, health insurance, medical treatment, preventive health check-up, interest for loans taken for house property/education, charity given to some institutions, rent paid, and political parties etc. are included in Part B of Chapter VIA and will remain unaffected by the proposed amendment. This amendment will not affect the deductions of Bank interest u/s 80TTA and proposed 80TTB and person with disability u/s 80U will remain unaffected by this amendment.

As per this proposed amendment, the people who are eligible to claim deductions covered in these sections only will not get deductions under Part C of Chapter VIA if their IT return is filed after the due date. This includes Section -80-IAC, Section 80-IBA, Section -80JJA, Section 80LA, Section 80P, Section 80 QQB, Section 80 RRB.

The following sections under Part C of the chapter VIA have been in force under section 80A I case of filing IT Return after the due date. These are Section 80IA, Section -80-IAB, Section 80-IB, Section -80-IC, Section-80-ID, and Section-80-IE.

A study of Part C shows that even though this part had 41 sections only 14 are applicable in the present context. Thus the general public should not feel anxious about losing the deductions available to them under Part B, CA and D even if they file the Income Tax Returns after the due date but prior to the relevant Assessment year or before completion of the assessment whichever takes place earlier.

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If you are thinking of providing the utmost level of security to your family members and yourself, nothing can beat the contribution of insurance policies. Every living person on earth has different needs and requirements and in order to fulfill each demand, it is always safe to have a financial backup from Life Insurance Corporation of India. Moreover, for continuing to receive the service throughout your life, you need to need to know all about LIC premium payments.

Established in 1956, LIC has the most popular and largest insurance company in India as the estimated value of the organization is approximately US$250 billion. Due to the effective and efficient policies, the organization is able to dominate the Indian market on a large scale. Spreading all across the country, the company has acquired over 2000 branches that have around 14 lakh insurance agents helping every interested person regarding LIC premium payments online.

Know about LIC and its Services

The Life Insurance Corporation of India has gained its fame due to the unbelievable services and easy LIC online premium payment. After getting the policy, you can inquire about the policy status and its unpaid premium, policy schedule and its due date, bonus status and loan status. Easing people’s lives each passing day, the policyholders can make payments through UPI, BHIM, Credit Card, Debit Card and Net banking.

Register Yourself First for LIC Premium Payment

If you are not a registered LIC member, you have to register yourself first by following few steps. You need to get the registration form from LIC premium payment at first and then create an account following certain guidelines.

• For making LIC premium payment in future, you have to choose a proper username that will have alpha and numeric with special characters including and score.
• Create a strong password for easy LIC premium payment options with 8-30 characters.
• Chosen pin code must not exceed the limit of six digits. For averting fraudulent cases regarding password hacks, you must not share your password with anyone. In this way, you can have a smooth experience on LIC premium payment portal.
• By entering a valid email ID, you can enable the services regarding LIC premium payment offers.

If you want to proceed with LIC premium payment, you have to know the status of the LIC policy first. After going through the guidelines and policy related information and registering yourself for LIC premium payment online payment, you have to log in to the online portal.

How to check LIC Policy Status?

After being done with the registration and login stages, you will have to undertake the easy process of knowing LIC premium payment details including the status.

• At first, you are required to visit the official web portal LIC premium payment and entering username and password.
• Then choose the option that indicates policy status and fill out certain details.
• The details include LIC policy number, your date of birth, amount of the LIC premium payment and registered email ID.
• After providing details, you will be redirected to a new page where you will be shown all the policies that you have enrolled.
• On the page showing enrolled policies, you will see the dates of LIC premium payment and the amount of vested bonus.
• Only by clicking on the policy number then, you are shown LIC premium payment status.

Know Status of the Policy without Having Registration

 For future use of LIC premium payment, knowing the status is essentially required and if you are not a registered user, you might face certain constraints. You can opt for a phone call or SMS service for enjoying the best of the policies continuously. Moreover, everyone is not gifted with an internet connection, for them, the phone call or SMS service can be a great option for staying updated with the due dates of LIC premium payments.

• If you have to go for LIC premium payment, you need to send message writing ASKLIC STAT for inquiring about the IPP policy status.
• In order to know about annuity amount, you will be advised to send a text message mentioning the code ASKLIC AMOUNT.
• If you are keen to know whether you are gifted with bonus, you need to send a text writing ASKLIC BONUS and pay the LIC premium payment accordingly.
• For LIC premium payment without registration, the policyholders can give a call to 12151. If you have any query regarding LIC premium payment, the phone call service can help you out on a large scale as it offers 24×7 customer support.

Using advent technology, for LIC, the sky is now the limit as it is the only one organization that has been able to capture the market growth guiding every policyholder from LIC premium statement to LIC premium payments online. The convenient service lives to make people more secure and efficient through its service.

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