Some people invest in LIC schemes. If you have taken a policy of the Life Insurance Corporation of India, then paying its premium has become easier. A big facility has been started by Life Insurance Corporation of India i.e. LIC. You can pay the premium from your mobile sitting at home through WhatsApp .

There is good news for crores of policyholders of insurance company LIC. LIC has started a ‘WhatsApp Bot’ service for this. This means that you do not need to go anywhere else to pay the premium. You can pay the premium sitting at home. Registered customers can pay their premium through WhatsApp number 8976862090. Customers can make payment directly in WhatsApp Bot through UPI, Net Banking or card. The entire work from paying the premium to getting the receipt will be done in WhatsApp Bot itself. This service of the company was started in the month of May itself.

How to pay premium through WhatsApp

1 – First of all save LIC ‘s WhatsApp number 8976862090 in your mobile .

2 – Then open your WhatsApp and send “Hi” to LIC’s number.

3 – After this, LIC will send you a list of options, from which you will have to choose one option for premium payment.

4 – You have to enter your policy number and other required information.

5 – Choose the payment option and make payment through your preferred mode (like credit card, debit card, or net banking).

6 – After payment you will get a receipt, which you can keep for future.

This work will have to be done

Let us tell you that to take advantage of this facility, you will have to register by visiting LIC India’s website https://licindia.in/. Then you will have to add your policy. LIC has more than 2.2 crore registered policyholders. Out of which more than 3 lakh customers use online services daily.

The post Now Pay Your LIC Premium from Home Using WhatsApp – Step-by-Step Guide first appeared on Rightsofemployees.com.

The total premium collection of LIC in April, 2024 was Rs 12,383.64 crore. A year ago, in April 2023, the company had received a premium of Rs 5,810.10 crore (LIC Premium). In this one year period, LIC premium has more than doubled.

Premium of LIC and private insurance companies increased by 61 percent
The country’s largest insurance company LIC (Life Insurance Corporation of India) had achieved a higher premium than this in April 2014. Compared to April 2023, the premium of LIC and private insurance companies has increased by 61 percent. LIC has a big contribution in this increase. During this period, LIC premium has increased by 113 percent.

Changes made in many products according to customer needs
The company said that this is a big achievement for us. We have promoted innovation in marketing during this period. Besides, changes have also been made in many of our products as per the needs of the customers.

Besides, new products have also been launched in the market during this period. Due to this, the trust of customers in LIC has strengthened. This is the reason why our policies have been sold more in the last one year and the premium has also increased more than double. We have broken the record of the last 12 years.

The total number of LIC policies also increased to 8.56 lakh.
LIC has received Rs 3,175.47 crore in the individual premium category. The company has received Rs 9,141.34 crore in group premium and Rs 66.83 crore in annual group premium. The total number of LIC policies has also increased to 8.56 lakh in April, 2024. In April, 2023 the same figure was 7.85 lakh.

Performance of private insurance companies was also excellent
The premium of SBI Life, the largest among private insurance companies, has also increased by 26 percent during this period. The premium of HDFC Life has increased by 4.31 percent, the premium of ICICI Prudential has increased by 28.13 percent, the premium of Bajaj Allianz has increased by 25.20 percent and the premium of Max Life has increased by 41 percent.

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The post LIC breaks 12 year record, huge jump in premium collection first appeared on Rightsofemployees.com.

1. LIC premium, PF, PPF, Pension Scheme 

You get all the tax exemptions under Section 80C of Income Tax. For example, if you have taken a policy of LIC, then you can claim its premium. You can get tax exemption under 80C on the principal of provident fund, PPF, children’s tuition fee, national savings certificate, home loan. If you have purchased an annuity plan (pension plan) of LIC or any other insurance company under section 80CCC, then you can claim tax exemption. If you have bought a pension scheme of the Central Government under section 80 CCD (1), then you can claim it. Remember that taking all these together the tax exemption cannot exceed Rs 1.5 lakh.

2. Claim on Principal Amount of Home Loan

You can avail tax exemption under section 80C on the principal payment of the home loan. However, this limit cannot exceed 1.5 lakhs. So, if your remaining deductions under 80C are less than 1.5 lakhs, then you can claim tax deduction by meeting this limit from the principal amount of the home loan.

3. Tax Deduction on Home Loan Interest 

If you have taken a home loan, you get tax exemption on the interest paid under section 24(b) of Income Tax. According to Income Tax rules, you can get tax exemption on interest payment up to 2 lakhs. This tax exemption will be available only if the property is ‘self-occupied’.

4. Central Government Pension Scheme 

If you invest in the National Payment System (NPS), a central government pension scheme, then you get an additional exemption of Rs 50,000 under section 80 CCD (1B). This exemption
is on top of the tax exemption of Rs 1.5 lakh availed under section 80 (C). The contribution made by the employer to the pension scheme of the Central Government can be claimed under section 80 CCD2. It has two conditions. First, whether the employer is a Public Sector Unit (PSU), state government or any other, the deduction limit is 10 percent of the salary. If the employer is the Central Government, then the deduction limit will be 14% of the salary.

5. Health Insurance Premium

If you have taken any health insurance or get regular health checkup, then you can claim the premium under section 80D. Although its limit is fixed. If you have taken a health insurance policy for yourself, spouse, children and parents, you can claim a premium of up to Rs 25,000. In this case the age of the parents is less than 60 years. If your parents are senior citizens, then the tax exemption limit will be Rs 50,000. Health checkup of Rs 5000 is also available in this. However, the tax deduction cannot exceed the premium of health insurance.

The post Income Tax Deductions: Tax payers can save up to Rs 8 lakh in income tax! Know here 10 ways first appeared on Rightsofemployees.com.

1. LIC premium, PF, PPF, Pension Scheme 

You get all the tax exemptions under Section 80C of Income Tax. For example, if you have taken a policy of LIC, then you can claim its premium. You can get tax exemption under 80C on the principal of provident fund, PPF, children’s tuition fee, national savings certificate, home loan. If you have purchased an annuity plan (pension plan) of LIC or any other insurance company under section 80CCC, then you can claim tax exemption. If you have bought a pension scheme of the Central Government under section 80 CCD (1), then you can claim it. Remember that taking all these together the tax exemption cannot exceed Rs 1.5 lakh.

2. Claim on Principal Amount of Home Loan

You can avail tax exemption under section 80C on the principal payment of the home loan. However, this limit cannot exceed 1.5 lakhs. So, if your remaining deductions under 80C are less than 1.5 lakhs, then you can claim tax deduction by meeting this limit from the principal amount of the home loan.

3. Tax Deduction on Home Loan Interest 

If you have taken a home loan, you get tax exemption on the interest paid under section 24(b) of Income Tax. According to Income Tax rules, you can get tax exemption on interest payment up to 2 lakhs. This tax exemption will be available only if the property is ‘self-occupied’.

4. Central Government Pension Scheme 

If you invest in the National Payment System (NPS), a central government pension scheme, then you get an additional exemption of Rs 50,000 under section 80 CCD (1B). This exemption
is on top of the tax exemption of Rs 1.5 lakh availed under section 80 (C). The contribution made by the employer to the pension scheme of the Central Government can be claimed under section 80 CCD2. It has two conditions. First, whether the employer is a Public Sector Unit (PSU), state government or any other, the deduction limit is 10 percent of the salary. If the employer is the Central Government, then the deduction limit will be 14% of the salary.

5. Health Insurance Premium

If you have taken any health insurance or get regular health checkup, then you can claim the premium under section 80D. Although its limit is fixed. If you have taken a health insurance policy for yourself, spouse, children and parents, you can claim a premium of up to Rs 25,000. In this case the age of the parents is less than 60 years. If your parents are senior citizens, then the tax exemption limit will be Rs 50,000. Health checkup of Rs 5000 is also available in this. However, the tax deduction cannot exceed the premium of health insurance.

The post Income Tax Deductions Update: Tax payers can save up to Rs 8 lakh in income tax! Know here 10 ways first appeared on Rightsofemployees.com.

1. LIC premium, PF, PPF, Pension Scheme 

You get all the tax exemptions under Section 80C of Income Tax. For example, if you have taken a policy of LIC, then you can claim its premium. You can get tax exemption under 80C on the principal of provident fund, PPF, children’s tuition fee, national savings certificate, home loan. If you have purchased an annuity plan (pension plan) of LIC or any other insurance company under section 80CCC, then you can claim tax exemption. If you have bought a pension scheme of the Central Government under section 80 CCD (1), then you can claim it. Remember that taking all these together the tax exemption cannot exceed Rs 1.5 lakh. 

2. Claim on Principal Amount of Home Loan

You can avail tax exemption under section 80C on the principal payment of the home loan. However, this limit cannot exceed 1.5 lakhs. So, if your remaining deductions under 80C are less than 1.5 lakhs, then you can claim tax deduction by meeting this limit from the principal amount of the home loan.

3. Tax Deduction on Home Loan Interest 

If you have taken a home loan, you get tax exemption on the interest paid under section 24(b) of Income Tax. According to Income Tax rules, you can get tax exemption on interest payment up to 2 lakhs. This tax exemption will be available only if the property is ‘self-occupied’.

4. Central Government Pension Scheme 

If you invest in the National Payment System (NPS), a central government pension scheme, then you get an additional exemption of Rs 50,000 under section 80 CCD (1B). This exemption 
is on top of the tax exemption of Rs 1.5 lakh availed under section 80 (C). The contribution made by the employer to the pension scheme of the Central Government can be claimed under section 80 CCD2. It has two conditions. First, whether the employer is a Public Sector Unit (PSU), state government or any other, the deduction limit is 10 percent of the salary. If the employer is the Central Government, then the deduction limit will be 14% of the salary. 

5. Health Insurance Premium

If you have taken any health insurance or get regular health checkup, then you can claim the premium under section 80D. Although its limit is fixed. If you have taken a health insurance policy for yourself, spouse, children and parents, you can claim a premium of up to Rs 25,000. In this case the age of the parents is less than 60 years. If your parents are senior citizens, then the tax exemption limit will be Rs 50,000. Health checkup of Rs 5000 is also available in this. However, the tax deduction cannot exceed the premium of health insurance. 

The post Income Tax Deductions: Tax payers can save up to Rs 8 lakh in income tax! Know here 10 ways first appeared on Rightsofemployees.com.