Service Tax gets “Taxing” on your Life Insurance

The earthquake, with a magnitude of 7.9, has effected around half of the 20 million people living in Sichuan, obliterating their homes and buildings, leaving 30, 000 people still under rubble, and with a death toll of around 20, 000.

Group insurance is defined as insurance coverage for a number of people under a single master contract or master policy. there are many differences between group and individual policies, even though the overall purpose of the two is the same: prevention from financial loss.

Term Life Insurance is insurance that one purchases for a specific period of time such as 5-30 years. It is pure insurance, just like auto or health insurance—it provides protection if an adverse event occurs, but has no long-term value. When the term expires, the insurance protection discontinues and there is no residual value. One could consider this “renting” or “leasing” insurance.

After an individual makes a policy claim, the process is undertaken by an adjuster. The claimant and witnesses may be interviewed along with the hospital records, police records and examining the property damage in order to make an estimate on the amount of the company’s liability. Other professionals like architects, engineers, physicians, lawyers, accountants and construction workers may also be consulted for more detailed opinion on the claim.

Although having medical insurance coverage is costly, being without insurance can be more costly, as well as risky. Not being protected means that all your expenses are created out of wallet, no matter how big or little. Do not let the one-time price of expenses be an obstruction for you. Provided, the transaction of a group sum all at once would create be a game-changer for some. But although the rates are costly, they light in comparison to expenses caused by surgical techniques. There are many a medical insurance policy to choose from, go through them carefully to find one which you feel matches your needs best. Hospital expenses can sometimes put you into massive debt, limiting your ability to meet upcoming needs. Therefore it is always advised to implement for some kind of mediclaim plan. This makes sure that all of your healthcare needs are taken proper. It also offers solutions for an individual of essentially any age, which range from 5 months forward. Not only is the price of a mediclaim plan top quality an extremely little portion of your healthcare expenses, but you also have the option of applying for tax reductions, on your top quality. These range up to extremely high reduction prices, for every financial year. So here the benefits are two-fold. You are not only protected for all your healthcare expenses, but are also saving cash that you would otherwise be paying as tax!