General Insurance for your family needs..
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General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event.
Types of general insurance:
If you want to live your life risk-free, then General Insurance will be a great option. When you spend your earned money and want to be secured with the things you own, by any uncertain financial event. As we all know anything can happen anywhere and we need to be prepared to handle an uncertain loss. When we talk about Insurance, it can be health, life and general, if we talk about general insurance, it can cover your home, car, health and it almost covers everything.
General Insurance also covers special kind of insurance benefits such as professional indemnity, theft, burglary and many more and hence people are looking forward to having general insurance policies.
Out of all kinds of general insurance, health insurance has the tax benefits for individual insurers. As per section 80D of Income Tax Act, 1961, the insurance premium paid on health insurance plan is a qualified deduction and can be claimed against the taxable income of a person provided premium must be paid during a financial year.
Maximum amount allowable as deduction u/s 80D is Rs 25,000 and is extensible up to INR 30,000 for a senior citizen. The deduction for senior citizen has been increased from Rs 30,000 to Rs 50,000 from the financial year 2018-19 as announced in Budget 2018.
Hence, if a person pays insurance for both himself and parents who are a senior citizen, he can claim deduction up to Rs 75,000 in a financial year.
For persons carrying on business or profession can claim premium paid for general insurance during the year as expense u/s 28 only if insurance is directly / indirectly related to their business / profession and not a kind of personal expenditure.
Getting insurance policies is a wise step towards saving or protecting your valuables in this world full of accident.s
Don't wait until it's too late. Contact for all of your personal and commercial insurance.
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