We do believe taking care for life insurance plans

The Government of India has offered tax incentives to life insurance products in order to facilitate the flow of funds into productive assets. Under Section 88 of Income Tax Act 1961, an individual is entitled to a rebate of 20 per cent on the annual premium payable on his/her life and life of his/her children. The rebate is deductible from tax payable by the individual or a Hindu Undivided Family. This rebate is can be availed up to a maximum of Rs 12,000 on a payment of yearly premium of Rs 60,000. By paying Rs 60,000 a year, we can buy anything upwards of Rs 10 lakh in the sum assured (depending upon the age of the insured and term of the policy.) This implies that we get Rs 12,000 as a tax benefit. But many people make the mistake of burdening themselves with too many life insurance policies to the detriment of the quality of their lives while they’re alive. 

Having come to terms with the importance of insurance now comes the dilemma of which insurance policy to choose since the Indian market is already saturated with about 23-odd players, each offering some benefit or the other. This is where IndiaFirst Life, a joint venture between Bank of Baroda, Andhra Bank and UK’s Legal & General, steps in to clear the worries and offer simple easy-to-use solutions. With its “customers first” approach, IndiaFirst Life has adopted a simple and transparent approach, doing away with technical jargons and huge policy statements which confuse and confound a customer.