Recently, the Finance Minister proposed the new Direct Tax Code that is likely to be effective from 2011. This proposed Code will in effect replace the Income Tax Act, 1961. Broadly it proposes to:
* Raise the tax slabs for individuals substantially as per the table below:
Tax Rate Existing (Rs) Proposed (Rs)
Nil 160,000 160,000
10% 160,001-300,000 160,001-1,000,000
20% 300,001-500,000 1,000,001-2,500,000
30% Above 500,000 Above 2,500,000
(Source: Direct Tax Code Bill, 2009)
* Increase the Section 80C limit from Rs 1 lacs to Rs 3 lacs
* Make the investments in saving schemes like provident fund, life insurance, New Pension Schemes, EET (Exempt-Exempt-Tax). This will be applicable to all contributions made after the commencement of the Code
* Scrap the exemption on the interest on home loans of Rs 1.5 lacs
* Abolish Securities Transaction Tax (STT). This will bring down the transaction cost for investors
* Remove the distinction between short-term and long-term Capital Gains Tax. This means capital gains will be taxed irrespective of the investment horizon
* Raise the wealth tax limit to Rs 500 lacs and lower the rate to 0.25%
The new Direct Tax Code has to be first passed by Parliament before it can be implemented. When implemented, it will boost savings of individuals.
Friday, August 14, 2009
Thursday, June 4, 2009
LIC - NEW HEALTH INSURANCE PLAN
HEALTH PROTECTION PLUS (Plan No. 902)
Basic Features :
Minimum age at entry for PI and spouse; 18 years (lbd); 3 months for children.
Maximum age at entry for PI and spouse; 55 (nbd); 17 yrs NBD or children.
Premium payable upto 65 years lbd for PI, extended health cover upto 75 years of age.
Minimum premium: Rs. 5000/- for single life and Rs. 7500 p.a; for two lives, rs. 10,000 for more than 2 lives.
Maximum premium: No limit
Increase or decrease in premium: Allowed
Assignment & Loan : Not allowed
Non medical General/ Special allowed
Mode of payment : Yly, Hly and Monthly (ECS)
CLAIM SETTLEMENT :
For both hospitalisation and MSB, only certified copies of the Hospital bill are sufficient.
DISCONTINUANCE OF PREMIUMS:
If premiums have not been paid within the grace period, the Policy will lapse. the Policy can be revived at anytime within two years
from the date of first inpaid premium.
Where at least 3 years premiums paid, HCB & MSB for each insured shall contiue by canceling an appropriate number of units every month.
This will continue to provide relevant risk covers for two years from the dure date of first unpaid premium, or till the end of policy term, or till such period
that the Policy Fund value reduces to one annualized premium, whichever is earlier.
For further details refer C.O. Circular Ref : Actl/PD/2163/4 dated : 27.04.2009
Insurance is the subject matter of soliciation.
( past performance may not be an indicator of the future performance)
EXTENDED HEALTH RISK UPTO 75 YEARS
HEALTH BENEFIT TILL ONE'S LIFE
Income Tax Benefit of Rs.15,000/- available under section 80 (D)
Health Protection Plus provides the following benefits against health risk
HOSPITAL CASH BENEFIT (HCB)
MAJOR SUGRICAL BENEFIT(MSB)
DOMICILIARY TREATMENT BENEFIT (DTE)
HOSPITAL CASH BENEFIT (HCB)
HCB is payable on 'per day' basis if hospitalisation exceeds a continous period of 48 hrs.
This benefit will increase at each policy anniversary by 5% till it reaches a maximum of 1.5 times the initial Daily Benefit
ICU Daily Benefit : Twice the applicable daily Benefit of that Policy year.
Maximum 18 days hospitalisation out of which not more than 9 days in intensive care unit in the 1st policy year of each insured.
Maximum 60 days hospitalisation out of which not more than 30 days in I.C.U in the 2nd & subsequent policy years of each insured.
A maximum of 365 days is allowed during entire policy term for each insured.
Insured child up to age 5 years: maximum period of 90 days
Waiting period 180 days for new policy and 90 days after revival. no waiting for accidental cases.
Termination: On reaching 65 years in case of Pl & Spouse or 25 years in case of children.
Minimum Initial Daily Benefit Rs. 250 ( for each of the member)
Maximum Initial Daily Benefit: P.I. Rs.2,500/- Spouse and Dependent children ; Rs. 1,500/- each.
MAJOR SUGRICAL BENEFIT(MSB)
Major Surgical Benefit Amount, calculated as a % of sum assured is payable regardless of actual costs incurred.
Maximum Annual Benefit; 100% of sum assured for each member.
Maximum MSB is three times the sum assured during entire term.
A child included will be automatically covered after age 18 years.
Applicable for surgery conducted only within India.
Waiting period: 180 days for new policy and 90 days after revival. No waiting period for accidental cases.
Sum Assured: 200 times of Initial Daily Benefit for each member.
DOMICILIARY TREATMENT BENEFIT (DTE)
On payment of premium for 3 years, this is payable out of Policy fund and is over & above those
paid through hospital cash surgical benefits.
The claimed amount should be atleast Rs. 2500
Maximum amount to be paid shall be 50% of the Policy Fund.
Minimum one annualized premium should be left in the Policy Fund after the payment.
during a year, 2 payments shall be allowed.
Pls refer licindia.com for full details.
Basic Features :
Minimum age at entry for PI and spouse; 18 years (lbd); 3 months for children.
Maximum age at entry for PI and spouse; 55 (nbd); 17 yrs NBD or children.
Premium payable upto 65 years lbd for PI, extended health cover upto 75 years of age.
Minimum premium: Rs. 5000/- for single life and Rs. 7500 p.a; for two lives, rs. 10,000 for more than 2 lives.
Maximum premium: No limit
Increase or decrease in premium: Allowed
Assignment & Loan : Not allowed
Non medical General/ Special allowed
Mode of payment : Yly, Hly and Monthly (ECS)
CLAIM SETTLEMENT :
For both hospitalisation and MSB, only certified copies of the Hospital bill are sufficient.
DISCONTINUANCE OF PREMIUMS:
If premiums have not been paid within the grace period, the Policy will lapse. the Policy can be revived at anytime within two years
from the date of first inpaid premium.
Where at least 3 years premiums paid, HCB & MSB for each insured shall contiue by canceling an appropriate number of units every month.
This will continue to provide relevant risk covers for two years from the dure date of first unpaid premium, or till the end of policy term, or till such period
that the Policy Fund value reduces to one annualized premium, whichever is earlier.
For further details refer C.O. Circular Ref : Actl/PD/2163/4 dated : 27.04.2009
Insurance is the subject matter of soliciation.
( past performance may not be an indicator of the future performance)
EXTENDED HEALTH RISK UPTO 75 YEARS
HEALTH BENEFIT TILL ONE'S LIFE
Income Tax Benefit of Rs.15,000/- available under section 80 (D)
Health Protection Plus provides the following benefits against health risk
HOSPITAL CASH BENEFIT (HCB)
MAJOR SUGRICAL BENEFIT(MSB)
DOMICILIARY TREATMENT BENEFIT (DTE)
HOSPITAL CASH BENEFIT (HCB)
HCB is payable on 'per day' basis if hospitalisation exceeds a continous period of 48 hrs.
This benefit will increase at each policy anniversary by 5% till it reaches a maximum of 1.5 times the initial Daily Benefit
ICU Daily Benefit : Twice the applicable daily Benefit of that Policy year.
Maximum 18 days hospitalisation out of which not more than 9 days in intensive care unit in the 1st policy year of each insured.
Maximum 60 days hospitalisation out of which not more than 30 days in I.C.U in the 2nd & subsequent policy years of each insured.
A maximum of 365 days is allowed during entire policy term for each insured.
Insured child up to age 5 years: maximum period of 90 days
Waiting period 180 days for new policy and 90 days after revival. no waiting for accidental cases.
Termination: On reaching 65 years in case of Pl & Spouse or 25 years in case of children.
Minimum Initial Daily Benefit Rs. 250 ( for each of the member)
Maximum Initial Daily Benefit: P.I. Rs.2,500/- Spouse and Dependent children ; Rs. 1,500/- each.
MAJOR SUGRICAL BENEFIT(MSB)
Major Surgical Benefit Amount, calculated as a % of sum assured is payable regardless of actual costs incurred.
Maximum Annual Benefit; 100% of sum assured for each member.
Maximum MSB is three times the sum assured during entire term.
A child included will be automatically covered after age 18 years.
Applicable for surgery conducted only within India.
Waiting period: 180 days for new policy and 90 days after revival. No waiting period for accidental cases.
Sum Assured: 200 times of Initial Daily Benefit for each member.
DOMICILIARY TREATMENT BENEFIT (DTE)
On payment of premium for 3 years, this is payable out of Policy fund and is over & above those
paid through hospital cash surgical benefits.
The claimed amount should be atleast Rs. 2500
Maximum amount to be paid shall be 50% of the Policy Fund.
Minimum one annualized premium should be left in the Policy Fund after the payment.
during a year, 2 payments shall be allowed.
Pls refer licindia.com for full details.
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