An Asset with Responsibility: Water Shortage and How Will It Impact Lifestyles in The Times to Come?

Yes, the returns in Axis Max Life Smart Fixed-return Digital Plan are tax-free except for Gold variant wherein a life insurance coverage of 1.25 times and the single premium option is opted for on an individual life.

As the name suggests, joint term life insurance provides insurance coverage for two people, not one.

To renew your SIP, you have to instruct the AMC of your choice at least 30 days before the last date.

Joint life insurance for business means that the policy financially covers the life of business-partners.

A joint life insurance policy can be used to pay off house loans in case of the primary policyholder’s demise.

After logging onto the portal, please click on the ‘Download’ section to access your policy-related documents.

The maturity amount of RD calculator can be calculated using a formula or an RD calculator. Before you use either of the two methods, ensure that you have decided your monthly deposit amount, and investment tenure.

However, it is suggested that you use an RD calculator instead, as the calculation can become a little complex when you are using the Recurring Deposit formula.

Compound interest on Recurring Deposit can be calculated using the compound interest formula, which is:

An RD account can be opened through offline and online modes. To open it offline, you need to visit your nearest bank branch and request an RD application form. Along with a duly filled application form, you need to submit basic KYC documents.

To open an account online, you need to have access to net banking. Once you log in to your account, you can find the option to set up an RD account on the right side.

Yes. Non-resident Indians (NRIs) can purchase life insurance policy in India, provided they meet the applicable eligibility criteria specified by the insurance company.

The claim settlement ratio for Axis Max Life Insurance is 99.8%^ for individual business policies.

For Axis Max Life Insurance, solvency ratio is 194%. (Source: Public Disclosure FY 2025-26)

The minimum sum assured for this policy (with or without the Policy Continuance Benefit^##) is Rs. 5,00,000. There is no upper limit to the sum assured for this policy.

In order to avail of the Policy Continuance Benefit^##, the life insured and the policyholder need to be the same individual, and the chosen maturity age should be 75 or 85 years. This option is available at the inception of the policy under all plan options if you meet these criteria

During the policy term, you may be eligible for bonuses, which are your share of the company's participation fund's profits. As a result, bonuses are not guaranteed and are based on the performance of the participating fund. The bonus rate is calculated as a percentage of the policy's 'Sum Assured on Maturity' and is announced at the end of every financial year.

OfficiallyValid Documents:
• Passport
• Voter’s ID
• Job card issued by NREGA duly signed by an officer of the State Government
• Aadhaar Card
• National Population Register containing details of name, address and Aadhaar number
• Or any other document as notified by the Central Government
• PAN Card/Form 60 in addition

If the officially valid documents do not contain an updated address, you also need the following documents:
• Utility Bill (Not more than two months old) of any service provider (electricity, telephone, postpaid mobile connection, piped gas, water)
• Property or Municipal Tax Receipt
• Pension or family pension payment orders (PPOs) issued to retired
• Employees by Government Department or PSUs, if they contain the address
• Letter of allotment of accommodation from employer issued by State or Central Government departments, statutory or regulatory bodies, PSUs, scheduled commercial banks, financial institutions, and listed companies

Income Proof for Salaried Individuals
• Bank statement showing salary credit for the latest three months
• Latest 2 years Income Tax Returns
• Latest year Form 16

• Latest 2 years Income tax returns not filed in the same year along with Computation of income
• If Computation of income not available: Latest 3 years Income tax returns not filed in the same year
• CA certified Audited balance sheet and profit loss account for the latest 2 years
• Form 26 AS

'Free Look' means a period of thirty (30) days beginning from the date of receipt of the policy document, whether received electronically or otherwise, to review the terms and conditions of the policy. If the policyholder disagrees to any of the policy terms or conditions, or otherwise and has not made any claim, the policyholder shall have the option to return the policy for cancellation, stating the reasons for the same. Irrespective of the reasons mentioned, the Policyholder shall be entitled to a refund of the premium paid subject only to a deduction of proportionate risk premium for the period of cover and the expenses, if any, incurred by the Company on medical examination and stamp duty charges.

You will be able to take out loans on Axis Max Life Smart Wealth Income Plan once your policy has achieved a surrender value, with a maximum loan amount of 50% of the surrender value. The policy's minimum loan amount that can be issued at any moment is Rs. 10,000.

Yes, one can surrender their endowment policy and receive their surrender value. Surrender value is the amount the policyholder is entitled to if they surrender their policy. In addition, to surrender value, the policyholder is also entitled to the accrued bonuses (if applicable) if they exit the policy before maturity.

The answer to what is an endowment fund is simple. It is a financial asset containing returns, assured sum, and accrued benefits. An endowment fund is paid out either on maturity or as a death benefit.

Money back plans are a form of investment that combines insurance coverage with a promise of returns. These can be purchased for up to 30 years and usually have higher annualised returns over time. Annualized returns offered by insurance firms are currently in the range of 5% to 6%. It's important to remember that these returns are tax-free.

As mentioned below, the money back policy has a range of unique features that set it apart from other life insurance products:

1. Money back policies offer low-risk investment opportunities as well as insurance benefits to policyholders.
2. For the duration of the money back policy, they provide a regular source of income in the form of 'Survival Benefits.'
3. The whole sum assured is paid out to the nominee if the policyholder passes away during the policy term, regardless of the amount already paid out by the survival benefits.

For an additional premium, the insured can easily add several riders to their money back policy. Generally, the riders provided include:

1. Critical Illness Rider
2. Accident or Disability Benefit Rider
3. Waiver of Premium
4. Term Rider
5. Hospital Cash Benefit Rider

Most cancer insurance plans do not offer death benefits. It would be best if you read the policy documents carefully to understand the inclusions and exclusions.

Under Max Life Cancer Insurance Plan, you get a pre-defined amount as per cancer policy terms on the diagnosis of cancer. You also get full freedom to spend the money on cancer treatment and other related expenses.

Yes, when you have more than one nominee, the pay-out they receive gets equally divided amongst them. However, different types of life insurance policies have different terms and conditions, so it is better to check such things with your insurance provider to assess life insurance meaning for your loved ones.

Depending on many factors such as your chosen option of premium payment, add on riders, age, and medical conditions, the premium amount you need to pay towards your insurance differs.

Typically, most insurance plans can be bought by anyone over the age of 18, however, depending on the policy terms and conditions as well as the insurer, the maximum age limit may vary.

A money back policy is much less risky than investing in a mutual fund. It can be a favourable situation for the investor because it is a tax-saving investment with assured returns over the period, as well as providing comprehensive life insurance coverage.

You can reduce your tax obligation by choosing a money back plan. The assured returns plans produce tax-free returns because they qualify for the EEE exemption under Section 80C and Section 10 (10D) of the Income Tax Act.

Before buying a money-back policy, you must be of the specified age, as mentioned in the policy wording. The policy scheme cannot be expanded past the money-back plan's maximum age limit.

Due to non-payment of premiums, your policy benefits may be reduced, while the contract remains valid.

Premiums for money back plans are usually charged annually or monthly, but you may also be given the option of paying semi-annually (twice a year) or quarterly (four times a year).

With COVID-19 fears down, people focus on their children’s goals, buying term plans, as per the latest Axis Max Life IPQ 4.0 survey.

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The India Protection Quotient survey's fourth iteration was released on Thursday by Axis Max Life Insurance Ltd. in collaboration with Kantar (IPQ). The India Protection Quotient 4.0 poll, which was conducted totally online between 10 December 2021 and 14 January 2022, included 5,729 respondents from 25 Indian cities.

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According to Axis Max Life's annual flagship poll, India's knowledge of life insurance has increased dramatically over the previous two years as a result of COVID-19, and the need for financial security has become more important to individuals.

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The premiums paid for the policy are deductible under Section 80C of the Income Tax Act if you have opted for the old tax regime. Aside from that, the death benefit received by the recipients is tax-free under Section 10 (10D).

Section 10(10D) of the Income Tax Act of 1961 exempts money earned from money back policy from taxation.

According to the India Protection Quotient (IPQ) survey 4, Indians are purchasing more term insurance plans now that term insurance ownership is up to 43% from 39% previous year. Despite the fact that life insurance ownership has remained constant at 78, consumers are expanding their insurance holdings and creating a well-rounded portfolio.

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Generally, most of the Life insurance companies in India offer term insurance plans with return of premium benefits.

While you may compare online which plan suits you the best. Some of the benefits of taking Term Insurance plans from Axis Max Life are:

1. Significant financial protection against life’s uncertainties
2. Maturity benefits upon surviving the policy tenure
3. Protection against critical illnesses, accidental death and dismemberment
4. Multiple channels for a seamless buying experience
5. No bulky paperwork while buying or paying premiums for policies online
6. Dedicated claim settlement officer to make the claim process effortless
7. Multiple premium payment channels, including net banking, digital wallet, credit cards, and debit cards

* the coverage amount that you can opt for may vary depending upon several factors such as your age, annual income, coverage tenure, and premium payment term.

It is not possible to transfer the money back policy.

The inclusion of policy revival is needed because it gives the insured individual the opportunity to renew the policy and continue coverage under the plan. The lapsed policy may be renewed at any time within 5 years of the unpaid premium date.

The policyholder can surrender the policy at any time. It is the opportunity to withdraw from a life insurance policy until it matures, in which case the policyholder will receive the Surrender Value. The policy acquires a Guaranteed Surrender value after two full years’ premium payment

Term insurance plans with return of premium option offers policy benefits if anything happens to you within the policy period as well as upon surviving the policy. The major benefits are

1. 1. In case of your unfortunate demise, your family would receive a significant financial assistance in the form of the death benefit from the Term insurance plans with Return of Premium Option.
2. 2. Upon surviving the policy term, you would receive the total amount of premiums back that was paid towards the term insurance plans with return of premium option. It does not include the premium paid for riders during the policy tenure.
3. 3. You can avail tax benefits⁴ for the premium paid under Section 80C of the Income Tax Act 1961
4. 4. The death benefit paid to nominee(s) is tax free and maturity benefit received under the Term insurance plans with return of premium option is tax-exempt under Section 10(10D) of the Income Tax Act 1961

You can also enhance your financial protection by opting for Add-ons/Riders (upon payment of the additional premium) against accidental death, life-threatening ailments etc.

Axis Max Life Insurance offers the below term life insurance plan with return of premium option – Axis Max Life Smart Secure Plus Plan

Yes, you must purchase Term insurance plans with return of premium option if you require a significant amount of financial protection for your loved ones but have a low-risk tolerance when it comes to putting your money into term insurance. Unlike pure term insurance plans, Term insurance plans with return of premium option provides both death and maturity benefits, so that you and your loved ones can benefit from the plan.

Return of premium benefit offered under term insurance plans implies that the insurance company would pay back the total amount of annualised premiums {Exclusive of taxes^} once you survive the coverage tenure. In other words, if nothing happens to you throughout the policy period, you will receive the entire amount you have paid as premiums (exclusive of taxes and amount paid towards rider) in the form of maturity benefit.

There is no single money back policy that will be suitable for each person’s requirement. There is a range of personal factors that must be considered to buy the best money back policy for you and your loved ones, such as your financial objectives, income source, budget, etc.

Yes, policyholders can strengthen the coverage offered by TROP by adding riders of their choice. Different types of riders can be added depending on the personal requirements to get comprehensive coverage.

Term plan with return of premium, like other insurance plans is a long-term protection tool. The entry age in general for this plan is 18 years.

The premium rates may vary for a smoker and a non-smoker since the insurer is providing coverage for risk. A person with smoking habits comes under the high-risk category.

It can be favourable to opt for a term plan with return of premium since it offers maturity benefit along with death benefit. Nevertheless, it is up to you to assess your financial requirements and purchase accordingly.

The grace period in insurance is the period after the due date of premium payment when the policyholder can pay it without any penalties. Generally, the grace period for a term plan is 30 days, but it is 15 days if the premiums are being paid monthly.

You can register a claim with Max Life Insurance through the following touch points. To help us process your claims faster, make sure that you submit the required documents along with the claim.

• Your Agent Advisor, bank, or corporate agent, from whom you purchased the policy
• Nearest Axis Max Life Insurance company office. You can easily locate a nearby branch office by clicking here and switching to the ‘Locate A Branch Office’ tab

• Original policy documents
• Original/ attested copy of death certificate issued by the local municipal authority
• Death Claim Application form (Form A)
• NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook
• Nominee's photo identity proof, such as a copy of Passport, PAN card, Voter identity card, Aadhar (UID) card, etc.
• Current Address proof of the claimant. (Any one of the following: Aadhar Card, Valid Passport or Driver's License, Voters ID are considered as proofs)
• Signed copy of PAN card / Form 60 of the claimant
• Employer certificate with complete leave records - Form E
• ITR for last 3 years/GST certificate in case of Self-employed
• Other life/health insurance details with claim history details
• Bank statement of last 2 years of the Life Assured
• Body transfer certificate / Embassy documents/Post Mortem report whichever applicable in case of death in foreign country
• Complete Passport copy in case of death in foreign country
• Medical booklet/CGHS card details in case of Defence and Central Govt personnel
• Attending physician's statement (Form 'C')
• Medical records (admission notes, discharge/death summary, test reports, etc.) of current and /or any previous admissions

• Attending physician's statement (Form 'C')
• Medical records (admission notes, discharge/death summary, test reports, etc.)
• Medical booklet / CGHS card details in case of Defence and Central Govt personnel

• Copy of the First Information Report (FIR) or Panchanama/Police complaint
• Copy of Post Mortem report (PMR)/Autopsy and Viscera report
• Copy of the Final Police Investigation report (FPIR)/Charge sheet
• News Paper Article, if any
• Driving License

• Health claim application form
• Attending physician's statement
• Attested copies of all medical records
• NEFT mandate form

• Claim form (GTL Employer-Employee, EDLI, and Gratuity) as applicable
• Original/attested copy of death certificate issued by municipal authorities
• EFT mandate form to be completed by nominee/policyholder along with a copy of a cancelled cheque wherein the name of the account holder is printed or a copy of bank passbook

• Insurance certificate
• Original/attested copy of death certificate issued by the local municipal authority
• Claim form (Lender-Borrower/Non-Lender Borrower) as applicable
• NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook

• Attending physician's statement (Form 'C')
• Medical records (admission notes, discharge/death summary, test reports, etc.)

• Copy of the First Information Report (FIR) or Panchanama/Police complaint
• Copy of Post Mortem report (PMR)/Autopsy and Viscera report
• Copy of the Final Police Investigation report (FPIR)/Charge sheet

• Cancer Insurance Claim Form - Form CA
• NEFT Form
• Medical Records (Admission Notes, Discharge/Death Summary, Test Reports, etc.)


Click here to download the Health Claim forms

Where can I get claim forms and a list of documents required for submission?

You can get claim forms by:

• Downloading from the website Claims Section
• Visiting the nearest Max Life Insurance company branch
• Talking to your Agent Advisor or insurance intermediary

All claims are examined and settled by the company through the information present in the documents submitted by you in connection with the claim.

It is advisable to provide complete information to us for faster and smoother claims processing.

It is advisable that the beneficiary or the nominee intimate us about the claim at the earliest after your untimely demise. In the case of Dread Disease and Critical Illness claims, intimidate us only after the end of the survival period (after 28/30 days of event occurrence).

A claim is declined on the non-disclosure of any material information made at proposal/reinstatement stage, which affects the issuance/reinstatement of policy/rider. Also, non-fulfillment of contract terms and conditions may also lead to claim being declined.

In the case of Employer-Employee & Non-lender borrower schemes, the nominee, as stated in the Provident Fund nomination form or registered at the time of coverage commencement, is entitled to policy benefits.

In the case of Lender-Borrower schemes, the outstanding loan amount in favour of the master policyholder and balance claim in favour of the nominee is registered at the time of coverage commencement.

While anyone can buy term insurance between the ages of 18 and 65, it is ideal to buy a good term insurance plan in your 20s and plan for your family's future.

The documents required to file the following claims are:

• Death claim, please click here.
• Hospitalisation claim, please click here.
• Group claim, please click here.

What are the exclusions under the rider benefits?

Rider benefits offered by Axis Max Life Insurance have the following exclusions:

• In case the dreaded disease/surgery occurs within a waiting period (90 to 180 days) of the policy issuance, depending upon the contract terms and conditions*.
• If the condition/surgery is not covered under the policy terms and conditions*

• If the life assured commits suicide within one year of the policy issuance
• If the life assured is involved in any unlawful activity resulting in injury
• If the injury occurred is not as per the policy terms and conditions*.

Life insurance holds immense value for a family that only has one earning member. Consider a scenario wherein the breadwinner loses their life due to deteriorating health or an accident. While the family has to deal with the emotional trauma of losing a loved one, they will also have to suffer financial stress, as they cannot rely on anyone else for support.

To make sure that your family doesn’t have to go through a similar chain of events, you need to create a contingency plan, with life insurance at its foundation, and various other investments making up the remaining portfolio.

Having a comprehensive life insurance plan, you can not only provide the right financial support to your loved ones in case of emergencies but also earn long-term tax-saving benefits among others for yourself. Before you purchase an insurance plan; however, you need to compare different life insurance plans from other insurers, on the basis of their Claim Settlement Ratio or claims paid ratio. This way you will be able to select an insurance cover that suits your present liabilities and life goals perfectly.

Here are some investment instruments that are tax-free:

• Life Insurance
• Public Provident Fund
• National Pension Scheme

You only must pay taxes on the sale of investments when gains are received. To figure this out, you must subtract the cost of your investment from the sale price in case you have had a gain. If that’s the case, it is vital to see if you owe taxes or not.

The investments made u/s 80C of the IT Act are eligible for tax exemption up to a limit of INR 1, 50,000. These investments may include PPF, fixed deposits, life insurance, bonds, etc.

Investments in tax-effective index mutual funds and ETFs are a great choice. If you wish to pay less tax on a higher income, you must plan to diversify the income taxation in your retirement.

The government offers tax-saving investments to both self-employed and salaried individuals that help save on taxes. It is also possible for you to have tax deductions and exemptions that help you save money and lower your tax liability.

Here are the investments that come u/s 80C of the Income Tax Act:
Tax saving fixed deposits, National Pension System, Employee Provident Fund and Public Provident Fund, life insurance etc.

Section 80C provides deductions on different investments up to a maximum limit of INR 1.5 lakhs every year from taxable income.

Some ways in which you can reduce your taxes legally are:

• Max out your employee benefits and retirement accounts
• Aim for long-term capital gains

The “Save-the-Date” feature of Axis Max Life plan gives you the flexibility to decide the date on which you want to receive the annual payout.

No, the premium payable under Axis Max Life guaranteed wealth plan would be the same for smokers and non-smokers.

The following documents are required to purchase term life insurance online:

Yes, insurance companies allow change of beneficiaries in an endowment policy. To do the same, you can contact your insurance company.

For the assessment year 2026-27 or financial year 2025-26, a person can calculate income tax for salaried employees.

Click Here to avail a loan on your active policy, that's equal to 90% of policy surrender value. The minimum amount you may avail is ₹10,000. You may also request this by visiting nearby Axis Max life Insurance branch or by furnishing your request online @  service.helpdesk@axismaxlife.com.

You will be required to submit following documents to avail this facility:

• Updated and completely filled loan application form (along with supported documents) 
• Self attested ID proof
• Over the Counter (Axis Max Life branches/Axis Bank /Yes Bank),

Note: Policy loan is not available for Term Products, ULIP Products, Health Products and Cancer Plans

Additional terms and conditions applicable to loan available under eligible life insurance plans (“Policy”)

• The policyholder will have the flexibility to opt for loan against the Policy once the Policy has acquired surrender value (if any).
• The extent of loan allowed shall be as specified below:

• The rate of interest payable on the loan may be revised as per the applicable provisions of the loan clause under the Policy.

• The Policy shall be assigned to Axis Max Life Insurance Limited (“Company”) on grant of the loan. The Policy shall be re-assigned in favour of the policyholder once the outstanding loan amount along with interest payable (if any), is fully re-paid.
• Initially, the loan will be granted for a maximum period of 10 years, extendable for further period of 10 years at the written request of the policyholder. In case no request is received, the Company will be entitled to recover or adjust the outstanding loan amount (including interest, if any) against the policy benefits.
• Notwithstanding the foregoing, the Company shall have the right to recover the outstanding loan amount (including interest, if any), by providing a three (3) months advance notice to the policyholder at any point of time.
• The policyholder shall make the repayment of outstanding loan (including interest, if any) at earliest to avail full benefit of the Policy and to avoid accumulation of interest on the outstanding loan amount.
• Subject to the terms of the Policy, in case the outstanding loan (including interest, if any) exceeds the surrender value, the Policy shall terminate without any benefits.
• The above terms and conditions are subject to change from time to time. For more information, please connect with your authorized representative or write to us at  service.helpdesk@axismaxlife.com.

As an endowment plan is a type of life insurance, there are certain situations where the insurance company can deny the claim. This includes deaths caused by suicide, self-injury, participation in adventure sports, drugs, riots and civil disturbances.

Our customer portal enables you to have a single window view of all your policy/ies-related detailed, while enabling you with a host of self-service options.

Every person should use a tax calculator to know how much income tax for salaried employee is deducted.

These guaranteed additions are the amount accrued once the policy is fully paid up by the policyholder. Guaranteed additions are only available in the titanium variant of the plan.

In order to encourage the purchase of insurance cum savings products, the Axis Max Life Smart Fixed-return Digital Plan offers additional benefits to women. This benefit includes additional maturity benefits for women. Women policyholders can get 0.25% more maturity benefit for a 5-year policy term, and 0.5% of additional maturity benefit for policy term of greater than equal to 10 years.

Yes, it is possible to surrender your policy any time during the policy term, however, you will be eligible for a surrender value only after it has acquired a surrender value.

The policy acquires a Surrender Value on the payment of two full years’ premium for a 5 pay or 10 pay variant. As for the gold variant which requires a single payment, the surrender value is achieved post expiry of the free look cancellation period.

The surrender value shall be equal to the higher Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).

“Free Look” means a period of thirty (30) days beginning from the date of receipt of the policy document, whether received electronically or otherwise, to review the terms and conditions of the policy. If the policyholder disagrees to any of the policy terms or conditions, or otherwise and has not made any claim, the policyholder shall have the option to return the policy for cancellation, stating the reasons for the same.

Irrespective of the reasons mentioned, the Policyholder shall be entitled to a refund of the premium paid subject only to a deduction of proportionate risk premium for the period of cover and the expenses, if any, incurred by the Company on medical examination and stamp duty charges.

Grace period refers to the time from the due date of each premium payment, during which the policyholder is allowed to make the payment without any late fees. In the case of Axis Max Life Smart Fixed-return Digital Plan, the grace period is of 15-30 days depending on the premium payment mode. The life insurance benefit continues to be available during this period. If the Life Insured dies during this period, we will pay the Death Benefit after deducting the unpaid Premium, if any.

There is a waiting period of 90 days from the Date of Commencement of Risk applicable only for POS policies. In case of death (for other than accidental death only) during the waiting period, 100% of the total premiums paid till the date of death will be payable excluding applicable taxes, cesses, levies, if any. On this payment, all policy benefits will cease. The Death Benefit will not be payable. In case of death of Life Insured due to accident, the Waiting Period is not applicable, and Death Benefit shall be payable.

The need to buy cancer insurance online or offline arises from high cancer treatment costs and associated risks. Buying a cancer insurance policy is therefore a better alternative to a basic health cover for everyone.

Buying Max Life Cancer Insurance Plan is more about being prepared for cancer if it occurs. You can safeguard yourself and be prepared for any unexpected medical treatments to deal with the deadly disease, should the situation arise, with the help of a cancer care insurance plan.

A cancer insurance plan covers various stages of this disease. Max Life Cancer Insurance Plan is one such cancer policy that you can easily buy online. The cancer policy premium you need to pay gives you several benefits, including a lump sum payout on early-stage cancer diagnosis, multiple claims facility, future cancer policy premium waiver, and many others.
(Max Life Cancer Insurance Plan: A Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Plan. UIN - 104N093V04)

Cancer policy premiums make you eligible for tax benefits under 80D of the Income Tax Act, 1961. You can claim a deduction of Rs. 25,000 for yourself, your kids, and your spouse, along with an additional deduction of Rs. 25,000 to cover parents’ health under a cancer care insurance plan.

Given the high cost of cancer treatment which includes chemotherapy, medication, hospitalisation, and tests, it is advisable to choose a sum insured of at least Rs. 20 Lakhs. With Max Life’s Cancer Insurance plan, you can choose the cover of Rs. 10 Lakhs to Rs. 50 Lakhs.

Under most cancer insurance plans, you are not bound to visit the network hospitals to get cancer treatment. You can use the payout amount to visit the doctor of your choice and get the required treatment.

With Max Life’s Cancer Insurance plan, you get the benefit of a future premium waiver in case you are diagnosed with early-stage cancer. You also get 20% of the cover amount paid upfront.

The age limit to buy cancer insurance in India may vary from one insurer to the other. For Max Life Insurance, the age range at entry varies from 25 to 65 years

The maximum age limit to buy a term insurance plan for housewives is 60. However, some life insurance companies allow housewives above this age limit to purchase a term plan.

Yes, some term insurance companies do offer accidental coverage for housewives. In addition to that, term insurance for housewives may also cover health expenses. However, it all depends on the life insurance company you are buying a term plan from.

No, the employment status of the second spouse is not significant when you are opting for a term plan with spouse cover

The ideal sum assured should be 3 to 5 times the annual income of the husband. However, in case you feel the sum assured is not adequate to manage your expenses, you can raise the amount. However, be mindful that an increase in the sum assured would increase the premium.

Anyone over the age of 18 and below the age of 65 is eligible for a term plan. This includes youngsters, married couples and senior citizens.

A policyholder is required to submit income proof to buy a term plan. Therefore, a non-salaried individual might not be able to buy a term plan. However, it is possible to buy term insurance for a non-working spouse in India. Most insurance companies offer spouse cover in term insurance to help you add an extra layer of financial protection for your family in times of need.

Yes, you can get cheaper term insurance as a couple. Joint term life insurance would be a cost-effective option compared to buying two single-term life policies.

Yes, it is possible to add your spouse to a term life policy. Spouse term insurance allows the inclusion of your partner under your term plan coverage.

Having numerous life insurance plans is entirely viable – and legal. In addition to their own term or permanent life insurance policy, many people have life insurance coverage through their employment. There are also benefits to having more than two life insurance policies.

लाइफ़ इंश्योरेंस पॉलिसी, लाइफ़ इंश्योर्ड (जीवन बीमाकृत) व्यक्ति की असामयिक मृत्यु के मामले में नॉमिनी (नामित व्यक्ति) को सम अश्योर्ड (बीमा राशि) प्रदान करती है। अलग-अलग प्रकार की लाइफ़ इंश्योरेंस प्लान हैं जिन्हें आप अपने लक्ष्यों और सुरक्षा आवश्यकताओं के आधार पर चुन सकते हैं।

टर्म प्लान, लाइफ़ इंश्योरंस का सबसे सस्ती पॉलिसी है, जो किसी भी सर्ववाइल बेनिफ़िट (उत्तरजीविता लाभ) की पेशकश नहीं करता है। पॉलिसी अवधि समाप्त होने पर पॉलिसी समाप्त हो जाती है। हालांकि, प्रीमियम की वापसी के साथ टर्म प्लान टर्म इंश्योरेंस का एक अन्य वैरियंट है जो सर्ववाइल बेनिफ़िट (उत्तरजीविता लाभ) प्रदान करता है।

आप जीवन बीमा के लिए भुगतान किए गए प्रीमियम पर सालाना 1.5 लाख रुपये तक की आयकर अधिनियम, 1961 की धारा के तहत टैक्स कटौती का लाभ उठा सकते हैं। साथ ही, नॉमिनी (नामित व्यक्ति) द्वारा प्राप्त लाइफ़ इंश्योरेंस पेमेंट धारा 10(10D) के तहत टैक्स से मुक्त है।

लाइफ़ इंश्योरेंस के साथ, आप यह सुनिश्चित कर सकते हैं कि आपकी अनुपस्थिति में आपके प्रियजनों की वित्तीय सुरक्षा से कभी समझौता न किया जाए। उन्हें मिलने वाले इंश्योरेंस बेनिफ़िट (बीमा लाभ) से उन्हें अपने नियमित खर्चों और जीवन के लक्ष्यों को पूरा करने में मदद मिलेगी।

बेहतरीन लाइफ़ इंश्योरेंस पॉलिसी खरीदने की सही उम्र तब होती है जब आप युवा होते हैं और कम से कम वित्तीय देनदारियों को वहन करते हैं। जितनी जल्दी आप कोई प्लान खरीदते हैं; उसका प्रीमियम उतना ही कम होगा।

EMI, an Equated Monthly Instalment is the fixed amount a borrower needs to pay to the lender every month to repay the loan.

• Flexible SIP
• Step-up SIP
• Perpetual SIP
• Trigger SIP

Your ex-spouse can keep a life insurance policy that protects you and pays out a death benefit to them in the event of your death even after you divorce. This is because a life insurance policy can only be cancelled or changed only by the policyholder.

• General Insurance
  
  Following are the various types of general insurance in India:
  • Health Insurance
  • Motor Insurance
  • Home Insurance
  • Fire Insurance
  • Travel Insurance
• Life Insurance
  
  Following are several types of life insurance available in India:
  • Term insurance
  • Term insurance with return of premium
  • Unit Linked Insurance Plans
  • Endowment plans
  • Whole life insurance
  • Group life insurance
  • Child Insurance Plans
  • Retirement Plans

Insurance is a legal agreement between an individual and the insurance company. The insurer or the insurance company promises to provide financial coverage or sum assured against contingencies. To avail insurance, individuals or customers are required to pay insurance premium, which varies on a various factors.

Yes, claim settlement ratio is an important factor to consider before choosing an insurance type or the insurer. Claim Settlement Ratio or Claim Paid Ratio is the total number of claims settled by an insurance provider against the total numbers of claims raised by the customers. You should check the claim settlement ratio to ensure that you or your nominee do not face any issue at the time of claim settlement.

No. As a taxpayer, you can choose to either opt for the new or the old tax regime and pay your taxes based on the applicable income tax slab rates for FY 2022-23 i.e. AY 2023-24.

It is mandatory to file your ITR only if your total annual income exceeds the maximum exempt amount of Rs 2.5 lakh.

Yes, the new income tax slabs for AY 2023-24 (FY 2022-23) under the new tax regime does not change based on the age of the tax payer. So, the limit of maximum tax-exempt income is Rs 2.5 lakh regardless of the individual taxpayer's age.

The standard deduction of Rs. 50,000 annually on salary cannot be claimed under the new tax regime. You have to opt for the old tax regime to avail this benefit.

The income slab rates for FY 2022-23 (AY 2023-24) are currently the same as the slab rates announced for AY 2022-23.

If you know what is life insurance meaning, you must know that life insurance plan may not seem like necessary, but it sure is a smart choice in this uncertain time. It provides your family members with financial protection at the time of your untimely demise. Not only this, but life insurance definition also includes various other benefits, including tax exemptions on premium paid.

Yes. As per life insurance definition, you pay a certain amount as a premium regularly to the insurer. If you have opted for the old tax regime, you can avail of tax deduction up to Rs.1.5 lakh under Section 80C of the Income Tax Act, 1961, for the life insurance premium paid. Tax benefits are subject to change as per are prevailing tax laws.

The different types of life insurance policy available in India are as follows:

• Term Life Insurance Plans
• Unit linked insurance plan (ULIP)
• Endowment Plan
• Money-Back
• Whole Life Insurance
• Child's Plan
• Retirement Plan

Nominee is the family member or relative who will receive or who will be entitled to the insurance plan benefit i.e., Sum Assured after the untimely demise of the policyholder.

You can opt for either one-time premium payment (annually) or regular premium payments which include monthly/quarterly/semi-annually.

Most term insurance policies do not allow you to change the coverage amount during the term of the policy.

In case of the policyholder’s (life assured) untimely death, the nominees or assignee must immediately send a claim intimation to the insurance provider. Some mandatory documents required are:

• Original insurance policy documents
• Original/attested copy of death certificate issued by local municipal authority
• Death claim application form (Form A)
• NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook
• Nominee’s photo identity proof such as a copy of Passport, PAN card, Voter identity card, Aadhar (UID) card, etc.

As a policyholder, you have an option to nominate more than one induvial for your policy. However, on doing so, the pay-out amount gets divided evenly between the nominees, and each gets their respective share in a legal manner.

Rule of thumb for life insurance policies suggests that one must invest in life insurance plans with a sum assured that is 10 to 12 times their annual income. However, the life insurance meaning can differ from person to person as every individual has uniquely distinctive financial conditions.

Yes, it is possible to cash out your life insurance by leveraging cash value withdrawals, or opting for a loan against your policy, or surrendering your insurance plan.

The meaning of life insurance paid-up value is a lowered proportionate of the sum assured of the insurance, which includes the number of premiums paid as well as the total number of premiums. In case the premium payment for any specific types of life insurance policy is not made on time, and the policy lapses, then the specific policy obtains a Paid Up Value.

Typically, to revive or reinstate a lapsed life insurance policy, the policyholder must send forward an application to the concerned insurance company. After the application, the insurance provider may propose submitting a standard revival form.

However, depending on individual insurance company’s internal policies, the option to reinstate a lapsed life insurance policy may or may not be available.

In case the nominee passes away before the policyholder, a request for change of nominee should be filed by the policyholder. For all kinds of insurance, it is the responsibility of the policyholder to ensure that the particulars about their nominee is updated on their insurance.

However, if the policyholder’s insurance allows multiple nominees, and one of them meets with an untimely demise, then the pay-out is given to the other active nominee. Note that this depends on the terms and conditions of the insurance plan and internal policies of the insurance company.

Financial experts always recommend that you buy a life insurance policy as early in your life as possible. This is because, buy purchasing a life insurance plan when you are young like in your early 20s, you can keep your life insurance premium low. However, you should also consider additional factors like your current income, number of dependents, etc. before you make the purchase. As a result, the right age to get life insurance cover can vary significantly from one individual to another.

Critical illness cover is usually offered as an optional rider, but some life insurance companies in India currently offer this benefit as the default option. On opting for this rider, you get cover in case you develop critical illnesses like cancer, heart disease, liver and kidney disorders, etc. While opting for the critical illness rider can increase your premium, the potential payout may help you manage your medical expenses better if you develop such critical illnesses.

The choice between a regular joint life policy and a joint endowment plan depends on the financial goals and purpose of buying the insurance plan. It is subject to your specific financial profile, hence, assess your requirements carefully to make your decision.

Joint life insurance policies tend to be less expensive than two separate policies. The policy will automatically terminate once it has paid out, leaving the remaining partner uninsured.

Hence, it depends on your coverage requirements, and other personal factors such as life stage, income source, health conditions at the time of buying the joint life policy.

Assume Mr. and Mrs. Sharma purchased a joint life insurance policy. Mr. Sharma, the family's lone breadwinner, has chosen a sum assured of Rs. 50 lakh. Mrs. Sharma is entitled to an amount promised of INR 25 lakh in her case. Mrs. Sharma is now eligible to receive INR 50 lakh from the insurer if Mr. Sharma dies within the policy's term. Mr. Sharma will receive INR 25 lakh from the insurance if Mrs. Sharma dies within the term.

When it comes to single payout plans, the policy will be cancelled if either of the spouses for whom the policy was purchased receives the death payments. If both of them die at the same time, the plan's beneficiaries will be paid.

Joint life insurance is best suited for married couples however, it is not limited to them. Unmarried couples and, in some situations, business partners can also benefit from it.

Yes. You can check our Income Tax Calculator and find out the income tax liability for FY 2025-26 (AY 2026-27) and FY 2025-26 (AY 2026-27).

Your taxable income is a sum of basic salary paid by the employer, wages, bonus, income from investments or any other sources. Income tax for salaried employees is calculated based on pre-determined tax liability as per slabs.

Income tax for salaried people includes income from other sources like gifts, interest income, dividend income, and similar.

It is a tax levied by the Indian Government on the income earned by individuals as well as other entities such as corporation and trusts in India. Income Tax rules such as slab rates in India are implemented as per the Income Tax Act, 1961.

A new income tax regime with updated income tax slabs and rates was introduced in Budget 2021. The income tax slab rates specified by this new tax regime are known as the New Tax Regime slabs.

An Income Tax slab rate is the rate at which you pay income tax for the applicable fiscal and they are subject to periodic change. However, the income tax slab rates for FY 2021-22 are the same as the previous fiscal i.e. FY 2020-21.

No. For AY 2022-23 i.e. FY 2021-22, the income tax slabs and rates are significantly different under the old vs the new income tax regime.

Yes. For Assessment Year 2024-25 (FY 2023-24), the new tax regime provides 100% rebate up to Rs. 25,000 under Section 87A of the Income Tax Act. This benefit is applicable along with the new income tax slabs for FY 2023-24 under the new tax regime.

As per rules of Income Tax Act, the employee can claim credit for TDS on salary that is either paid or accrued in the same financial year in which the TDS on salary is deducted. However, when income is paid in advance (such as advance rent), it will not belong to one FY, and credits for such income shall be carried forward to the next financial year.

There are two kinds of TDS certificates that the deductor can issue. Form 16: Certificate that employer issues to employees. It lists down TDS on salary details made throughout the year. Form 16A: This lists down TDS deductions other than that on salary.

PAN stands for Permanent Account Number while TAN refers to the Tax Deduction Account Number. TAN is required to be obtained by a person who is a deductor. In the case of TDS on salary, the employer needs to have a TAN number.

As per Income Tax rules, there is no specific rate for TDS on salary deduction. The deduction is based on the TDS on salary slab. Use TDS on salary or income tax calculator for getting an estimate when doing TDS calculation on salary for FY 2025-26. You can also use the calculator for your TDS calculation on the salary for previous financial years.

Following are the different types of life insurance policies that are available in India:

• Term Insurance
• Term insurance with return of premium
• Unit Linked Insurance Plans
• Endowment plans
• Moneyback policy
• Whole life insurance
• Group life insurance
• Child Insurance Plans
• Retirement Plans

Following are the primary benefits of life insurance plans in India:

• Financial Security
• Life Coverage
• Long Term Savings
• Investment Options
• Tax Benefits under Section 80C & 10 (10D) of income tax act 1961. As per prevailing tax laws subject to change

You can avail various tax benefits with several life insurance policies in India. Under Income Tax Act, 1961, you can avail deductions under Section 80C up to Rs.1.5 lakh on the life insurance premium paid. However, this tax benefit is only applicable to those who opted for the old tax regime. Also, nominee can claim tax deduction under Section 10 (10D) on the insurance payouts received.

The amount of term insurance coverage required depends on your specific financial goals and needs. Consider factors such as your current debts, living expenses, and your children's education or other future needs when determining the amount of coverage to purchase.

• Following are the types of insurance in India:

• General Insurance
  
  Following are the various types of general insurance in India:
  • Health Insurance
  • Motor Insurance
  • Home Insurance
  • Fire Insurance
  • Travel Insurance
• Life Insurance
  
  Following are the various types of life insurance policies available in India:
  • Term insurance
  • Term insurance with return of premium
  • Unit Linked Insurance Plans
  • Endowment plans
  • Whole life insurance
  • Group life insurance
  • Child Insurance Plans
  • Retirement Plans

A whole life insurance is a type of insurance plan that provides an extended life coverage until the death of the policyholder. In most cases, a whole life insurance policy stays in force all throughout the policyholder’s life, given they regularly pay the premiums.

Under a whole life insurance policy, the sum assured or the life cover gets decided during the time of policy purchase, and the same is paid to the policy nominee at the time of claim – when the life assured (policyholder) dies.

Usually, for most whole life insurance policies, the standard maturity age is 100 years, and in case the policyholder passes away before completing 100 years, then the sum assured is paid out to the nominee. However, in case the policyholder outlives the age of 100 years, then the insurance provider pays out the matured endowment coverage to the policyholder.

No, using an online insurance calculator to calculate premium for term insurance is very easy. When you calculate premium for term insurance online, you need follow a few, simple steps, that require your input, such as:

• Personal Details (Name, Gender, Date Of Birth, Annual Income, etc,.)
• Critical Insurance Values (Sum Assured, Policy Tenure, Premium Payment Duration, etc,.)
• Choose Add-On Rider options (Accidental cover, Critical illness, future waiver of premium, premium break, etc,.)

Usually, whole life insurances have higher premiums when compared to term insurances. However, unlike term insurance, where the premiums increase at the time of renewal, with whole life insurance, the premiums stay the same for your whole life.

Yes, you can absolutely buy different types of life insurance policies. Typically, many individuals invest in multiple life insurance types to create a well-rounded investment and financial portfolio.

Different types of life insurance policies have different premium rates, as it takes into consideration a lot many factors such as age, annual income, existing medical conditions, liabilities and more. However, amongst the many life insurance policies in India, one of the most affordable option is term insurance, given you buy the policy as early in your life as possible.

No. Even though there are news reports that life insurance premiums are increasing as a result of COVID-19, this change will impact individuals who are buying new life insurance policies. If you have an existing policy your life insurance premium will not increase currently.

Yes, you can definitely start a SIP online. To do the same, choose the mutual fund house of your choice and register on their investment platform to start a SIP investment.

Yes, you can reduce your SIP amount if you have chosen flexible SIP.

The SIP returns can be calculated using this formula,

FV = P [(1+i) ^n-1] * (1+i)/I

Returns earned through SIP are applicable for tax deductions. However, the way they are taxed depends on the duration. Long Term Capital Gains and Short-Term Capital Gains are applicable to the returns earned.

Term insurance can provide financial protection to your family in case of your unexpected death. It can also offer coverage for critical illnesses or pregnancy-related complications and typically offers lower premiums than other types of life insurance.

Women may be eligible for lower premiums than men due to their longer life expectancy and lower risk of certain health conditions. However, the actual cost of term insurance will depend on factors such as age, health, and the amount of coverage needed.

The cost of term insurance for self-employed individuals will depend on a variety of factors, including your age, health, lifestyle, and the amount of coverage you need. For example, the premium for a term plan for a smoker individual is generally higher than that for a non-smoker individual.

Term insurance is a type of life insurance policy that provides coverage for a specified period of time, usually between 10 and 30 years. Term insurance for self-employed individuals is designed to provide financial protection to business owners who do not have the benefits of employer-sponsored life insurance policies.

The benefits of term insurance for self-employed individuals include:

• Provides financial protection for your loved ones in the event of your death
• Can help cover business debts and expenses
• Offers peace of mind that your family will be taken care of if something happens to you
• Premiums are generally lower than other types of life insurance policies

The amount of term insurance coverage you need as a self-employed individual will depend on a variety of factors, including your business expenses, debts, and the financial needs of your family. It is important to work with an insurance professional to determine the appropriate coverage amount for your specific situation.

To apply for term insurance as a self-employed individual, you will need to provide information about your health, lifestyle, and business. This may include completing a medical exam and providing financial documentation related to your business. You can work with an insurance agent or broker to complete the application process.

Yes, senior citizens above the age of 60 years and up to the age of 65 years can purchase a term insurance policy from most life insurers in India.

A key factor determining the term insurance premiums payable is the age of the policy holder at the time of purchasing the policy. As a rule of thumb, older applicants need to pay a higher premium to keep the policy in effect. As a result, senior citizen term plans are usually more expensive than term plans bought by younger individuals

Most life insurance companies in India allow purchase of term plans up to the age of 65 years. However, some insurers might offer a lower or higher maximum age limit for term plan purchase by senior citizens.

Some of the key factors that can impact the term insurance premium payable by senior citizens are:

• Pre-existing conditions like diabetes, cardiovascular disease, etc.
• Lifestyle habits like tobacco use
• Medical history of family
• Sum assured of term plan
• Premium payment term

Some life insurance companies in India offer the option of regular income payout to senior citizens who purchase term insurance plans. This option ensures that upon the policyholder’s demise, the death benefit offered by the term plan will be in the form of a regular income over a pre-determined period of time instead of a lump sum death benefit payout.

Yes. Most of the insurance companies offering term plans to resident Indians extend the same to their NRI customers.

Yes. Premiums paid for NRI life insurance policies are eligible for tax deduction under Section 80C of the Income Tax Act, 1961. However, this tax deduction can only be used to reduce tax liability on the income that NRI policyholders earn in India.

There are seven ITR forms for individuals, namely, ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7.

Firms and companies can use ITR-5, ITR-6 and ITR-7 to file their income tax return.

Whether you file ITR forms manually or electronically, you do not need to submit any documents such as proof of investment and TDS certificates. However, you must retain these documents and produce them to the tax authorities when demanded in case of assessment or inquiry.

You can file the revised return multiple time until the expiry of one-year time limit.

It is the combination of your PAN number and your date of birth. The password must be the last five digits of your PAN and DDMMYYYY of the DOB.

An investment is an asset that is created with a view to grow money with time. The wealth created making investment can be used for fulfilling various objectives or goals like retirement planning, planning for child education, purchase of other tangible assets, loan repayment etc. You will find different types of investments in India best-suited for particular financial goals.

Before you invest your hard-earned money in any of the investment types in India mentioned above, you should keep the following points in mind:

• Identify your risk appetite
• Use an investment calculator online to calculate possible returns
• List short term & long term financial goals to choose the right investment types
• Diversify your investment portfolio
• Plan for your retirement
• Review your investments periodically

You can send a message to 5616188 with the following applicable codes to get Axis Max Life insurance policy details.

• Send an email at nri.helpdesk@axismaxlife.com
• Call at the NRI helpdesk at 0124 - 5098162; 0124 - 4905150 (9:00 AM to 6:00 PM Monday to Saturday)

The riders available for different life insurance policies may vary. Typically, there are various riders available with most life insurance policies.

Also Read: Features & Benefits of Critical Illness Insurance

The entire process can be completed in seconds.

You can simply fill in your policy number/registered mobile number/email address and date of birth, and log onto your account through an OTP (sent to your registered mobile number and email address).

You will need your policy number and personal details such as registered mobile number or email address and date of birth to access your policy-related details.

After logging in to our customer portal, you can check premium-related details, view/download payment receipts and avail other self-service options as per your requirement.

Term insurance tax benefits are available to the policyholders in the form of deductions and exemptions. These benefits are covered under section 80C of the Income Tax Act, 1961, in India and are only available if the tax payer has opted for the old tax regime. .

You can avail maximum term insurance tax benefits by investing in a suitable plan that fits your needs, along with many other tax-saving instruments. You can also consult a tax advisor about it in detail.

Your decision to buy a term plan should not be solely based on the term insurance tax benefits you can get. Rather, you must consider various other factors like the adequate sum assured, affordability, fulfilment of your specific needs, while buying a term plan. Alongside, you should avoid common mistakes people make while buying a term plan.

No. The validity of a term insurance plan is essential to allow you to avail term insurance tax benefits. It means you are not allowed to skip paying the premiums to save income tax.

If your term insurance premium falls overdue, you get a grace period to pay it up. Once the premium is paid within this period, there is no risk to any benefits related to the policy, including the term insurance tax benefits.

You can log into the customer portal and view Axis Max Life Insurance policy details using your policy number/ registered mobile number or email address and date of birth.

Yes. In fact, we have multiple premium payment options available online to make the process easy for you.

All your Axis Max life insurance policy details will be visible once you log on to the customer portal.

You can download your premium payment receipt from Axis Max Life customer portal by clicking on ‘Transactions’ under the policy.

• General Insurance
  
  Following are the various types of general insurance in India:
  • Health Insurance
  • Motor Insurance
  • Home Insurance
  • Fire Insurance
  • Travel Insurance
• Life Insurance
  
  Following are the various types of life insurance policies available in India:
  • Term insurance
  • Term insurance with return of premium
  • Unit Linked Insurance Plans
  • Endowment plans
  • Moneyback policy
  • Whole life insurance
  • Group life insurance
  • Child Insurance Plans
  • Retirement Plans

Usually, whole life insurances have higher premiums when compared to term insurances. However, unlike term insurance, where the premiums increase at the time of renewal, with whole life insurance, the premiums stay the same for your whole life.

Yes, you are currently allowed to choose and pay taxes either based on the income tax slabs of the updated new tax regime or the old tax regime for AY 2024-25.

Yes, the income tax slab and rates under the new tax regime is same for all taxpayers. Unlike the old tax regime, the tax rates under new regime are same for HUF, individuals aged less than 60 years, senior citizens (more than 60 years of age to 80 years) and super senior citizens (more than 80 years of age).

No, income tax slab for FY 2023-24 are same for men and women. Only the senior citizens and super senior citizens get different income tax slabs from taxpayers aged less than 60 years under the old tax regime.

No, health and education cess on income tax for FY 2023-24 has been kept at the same rate of 4% as the previous fiscal.

Under Section 87A of the Income Tax Act, 1961, you can avail income tax rebate if your net annual taxable income is not more than Rs.5 lakh under the old tax regime for FY 2023-24. Section 87A is available only for individuals and HUF. The total rebate under Section 87A is Rs. 12,500 or 100% of income tax amount, whichever is less under the old tax regime.

As per Budget 2023 announcement, Section 87A is applicable to the new tax regime for AY 2024-25 if your net taxable income for the fiscal does not exceed Rs. 7 lakh. As a result, if an individual of HUF opts for the new tax regime in FY 23-24, the total rebate available will be up to 100% of the total income tax payable up to Rs. 25,000.

No Demat account is not mandatory for investing in gold mutual funds. However, it is mandatory if you are investing in De-materialized units of gold funds or Gold ETFs through the stock market?

Like other mutual funds, Net Asset Value (NAV) of gold mutual funds is calculated at the end of each trading day. So, the NAV of gold fund units can change at the end of each day when markets are open.

The main charge associated with investing in gold funds is the expense ratio or total expense ratio of the scheme that is declared by the fund house from time to time. Apart from this, each investment and redemption also features a Securities Transaction Tax (STT) as per the applicable government rate.

Yes, you can invest in gold plans via systematic investment plan (SIP). However, the minimum SIP installment amount and SIP investment duration can differ from one fund house to another.

No, gold mutual fund performance is directly linked to the price of gold that can fluctuate on a daily basis. So, gold funds do not offer guaranteed returns.

Since ESG Funds are a type of mutual fund, the standard rules of mutual fund taxation is applicable to these schemes. So, in the case of equity-oriented ESG Funds, equity mutual fund taxation rules are applicable. While if equity allocation of these funds is less than 65% of total assets, they will be taxed as debt mutual funds.

No, as per current rules, only ELSS tax saver mutual funds offer tax deduction benefits and ESG Funds do not belong to this category.

Each research company uses its own unique proprietary formula to calculate ESG score of a company. The score of an ESG Fund is then calculated using the weighted average of each investment held in the scheme’s portfolio.

Currently the most common benchmark index used by ESG Funds is Nifty 100 ESG Index. This Index features the top 100 companies in India ranked on the basis of their ESG scores.

Since ESG Funds are a specific category of mutual funds, these schemes allow investments via both the lump-sum investment and the systematic investment plan (SIP) routes.

Yes, the Nifty Midcap 150 Index diversified across multiple sectors including financial services, capital goods, healthcare, automotive and auto components, etc.

Yes, many midcap mutual funds use this specific index as a benchmark that they attempt to outperform.

Apart from the Nifty Midcap 150 Index, other popular midcap indices in India are – Nifty Midcap 50, Nifty Midcap 100, S&P BSE Midcap Index, etc.

The Nifty Midcap 150 Index is rebalanced twice annually and the cut-off dates are 31st January and 31st July of every year.

The Nifty Midcap 150 Index and its constituent stocks can be used for a variety of purposes such as the launch of structured products, exchange traded funds, index funds as well as the benchmarking of mutual fund portfolios.

Some key risks associated with these gilt funds include:

• Interest rate risk
• Liquidity risk
• Limited Capital Appreciation and
•  Inflation Risk

These mutual funds primarily invest in G-Secs i.e. government securities that features a residual maturity of 10 years.

Indexation benefit of debt funds are only applicable if the investment was made on or before 31 March, 2023 and the fund units are held for 3 years or longer prior to redemption. However, the benefit of indexation is not available if one has invested in Gilt funds with 10 year constant duration on or after April 1, 2023.

Several factors determine the premium of an life insurance policy, such as your age, gender, health condition, income, lifestyle, and profession. Also, claim-free years can help in reducing insurance premium for certain types of insurance policies.

Waiting period refers to the period for which an insurance policyholder must wait before the insurance coverage comes into effect. He/she may not receive insurance benefits for claims filed before the waiting period is over or untill the insurance coverage begins.

Also, this period varies from one type of insurance policy to another.

The insurance policies needs timely renewal to offer continued benefits to the policyholder. They are renewable within the grace period post the expiry date and may get lapse if the premium is not paid timely.

Also, the insurance company is entitled not to offer coverage for the period for which no premium is received.

You are allowed to make a certain number of claims only basis the type of insurance you have bought. Also under policies like health and motor you can get a bonus/discount in the next year for not filing claims under the policy in a year.

Cashless facility is available with certain types of insurance policies like health and motor insurance. Under this facility, the insurance companies pay the expenses incurred by a policyholder directly to the hospitals or network garages.

Money Market mutual fund schemes feature risk like any other debt mutual fund. So while these investment options are transparent and professionally managed, they are not “safe” in the sense of providing assured returns like a fixed deposit or recurring deposit.

You can use a free online SIP calculator to estimate the future value of your money market fund investments. However, these results are based on the amount invested, duration of investment and estimated returns provided by you.

Since the primary investments of money market schemes include fixed-return instruments with relatively short maturity, these investments can be suitable short-term investment options for investment periods between 6 months and up to 3 years.

Yes, you can stay invested for periods of 5 years or longer in a money market fund. But, unlike equity mutual funds, money market funds would not be able to generate inflation-beating returns as they primarily invest in fixed-return instruments whose net returns are adversely impacted by inflation.

No, riders are add-ons only applicable to an existing policy. It is not possible to purchase them as standalone covers. Ask your insurer about the same for further details.

There are specific policies that offer maturity benefits of life insurance. Make sure to inquire with your insurance provider about the availability of it before making the purchase.

The benefits of life insurance last until the policy term which the policyholder chooses, or until a claim is made towards the settlement.

Most insurance providers offer a grace period (usually 15-30 days) when you can pay the premium after the due date without any penalties. However, failure to pay the premium after the grace period may end in the cancellation of policy. You are eligible for the benefits of life insurance during the grace period as well.

There are no such limits to the riders allowed on a life insurance policy as long as they are offered under the plan.

The full form of QROPS: Qualifying Recognised Overseas Pension Scheme.

Yes, it is possible to transfer your pension from UK to India, if you are an NRI in the UK and have returned (or planning to return) to India. This can be done in a tax efficient manner through QROPS transfer to a compliant pension scheme offered by life insurance companies in India.

Some of the key documents required for a QROPS transfer are –

• Copy of Indian passport
• Residence proof (in UK and India)
• Overseas transfer fund application (properly filled and duly signed) and
• HMRC Form APSS263.

However, additional documentation may be required by authorities on a case by case basis.

Yes, both self-employed and salaried individuals can claim Section 80G tax benefits by making donation to eligible institutions.

No, cash donations made to a political party do not qualify for tax deductions under Section 80GGC of the Income Tax Act.

No, Section 80G does not have a maximum limit and the deduction that can be availed varies based on the donation amount and the type of eligible institution or organisation to whom the donation has been made. This is unlike specific limits that are applicable tax deduction benefits offered under Section 24 or Section 80E.

No, deduction u/s 80G is not one of the new tax regime deductions that can be currently claimed. So, only those availing the old tax regime can currently claim this tax deduction.

Yes, all premiums paid for NRI life insurance policies availed in India are eligible for tax deduction under Section 80C of the Income Tax Act, 1961, based on the income that NRI policyholders earn in India.

Yes, an NRI life insurance policy purchased in India incur Goods and Services Tax (GST) at the flat rate of 18%, irrespective of the policy type.

Yes, the death benefit associated with NRI life insurance policy purchased in India is applicable, irrespective of the policyholder’s location at the time of death, subject to the policy terms and conditions mentioned in the policy documents.

SSY stands for Sukanya Samriddhi Yojana. The Indian government established this investment program to help people save money for a girl's future education, and marriage.

With a minimum contribution of ₹250, a Sukanya Samriddhi Account can be started at any time after a girl child is born until she turns ten. Any bank or postal service may serve as the home for this arrangement.

In a single financial year, a minimum deposit of ₹250, and a maximum deposit of up to ₹1.5 lakh can be deposited in a Sukanya Samriddhi Account.

As per  Section 80C of the Income Tax Act of 1961 in India, a tax redemption of up to a maximum of ₹1.5 lakh can be availed each year. The interest that is accrued on the deposits made, and the maturity payout are also free of tax.

If the money deposited is more than ₹1.5 lakh in a financial year, no interest is generated on that excess. Moreover, the excess amount will be returned to the Sukanya Samriddhi Yojana account holder.

The parent or guardian of the girl child is eligible for opening an SSY account only if the girl is below the age of 10 years. In case the girl child is above the age of 10, the parents cannot open an account.

No, the new tax rate system does not offer as many deductions and exclusions as the previous or existing tax rate regime. Deduction under Section 80C are not available if the taxpayer selects the new regime's low tax slab rates.

A taxpayer without company income will have to select between the new or the old tax regimes every financial year. There is no restriction on switching from one tax regime to the other for different financial years. However, as of FY 2023-24, the new tax regime will be considered as the default option unless the taxpayer specifically opts for the old tax regime.

In case, you are a salaried person, you can choose to select the applicable tax regime at the start of each financial year and even change your choice at the time of filing your income tax returns. For people with a business income, the situation is a little more complicated since, once you choose the new tax system, you cannot switch back to the previous one. Once this choice has been taken away, these people, or Hindu Undivided Families (HUF), will not be able to choose a new tax system in future tax years.

As per the Finance Bill of 2020, a person who chooses the new tax system will lose around 70 tax deductions and exemptions including all Chapter VI A deductions. There are however a few new tax regime deductions that you might be eligible for.

In India, the top personal income tax slab rate is 30% before applying surcharge and cess on the tax liability calculated as per the income tax slab.

Term insurance premium is referred to as the money you pay to your insurer in exchange for life coverage. You may be paying the policy premium monthly, quarterly, semi-annually, or annually to ensure that your protection remain in-force. It is wise to get a term plan at a young age to start paying the minimum premium possible every year.

Sum assured refer to the protection or coverage your term plan offers to your designated nominee in the event of your demise, provided the policy terms and conditions (T&Cs) are met. In general, the higher the coverage you seek, the higher the premium you pay in exchange. In today’s age, a minimum of 2-Crore Term Plan is highly recommended.

Term insurance plans, typically, offer the death benefit to your nominee in case of your demise as per the policy T&Cs. Riders are optional add-ons that enhance your basic term plan coverage and can be opted for in exchange for a small additional premium payment. Some must-buy riders available with term plans are critical illness, waiver of premium, and accidental death and disability rider.

The primary benefit or a term plan is that your nominee becomes entitled to the sum assured, which is payable upon your demise by your insurer, in exchange for the premiums you pay periodically. This sum assured can be a great monetary help to your dependents when you not there anymore to support their everyday needs.

Term life insurance is a type of life insurance policy that offers the insured individual life cover for a fixed period of time known as policy term. The premium once decided at the time of policy purchase stays the same throughout the policy duration. With a pure term insurance plan, you get only life cover benefits payable on death of the insured individual whereas maturity benefit is not included. However, you can amplify the coverage with riders and add-ons such as a critical illness rider or a personal accident cover at a nominal cost.

In a pure term insurance policy, money-back option is not provided. However, nowadays, insurers offer features like return of premium that comes with free of cost benefit under special exit value^~1. This may attract additional cost, though.

No. Life insurance does not cover deaths of all types. Usually, life insurance policies cover natural death due to illness, accident, and violence etc. Death due to suicide is generally not covered by life insurance policies in India before the waiting period is over. This period usually spans over an year from the date of policy commencement. Also, death due to engaging in life-threatening activities like sky-diving and cliff-jumping, are also not covered against.

Basic exclusions in term insurance include death due to undisclosed pre-existing conditions, self-inflicted injuries, engaging in life-threatening sports/activities, war, or nuclear accidents. However, suicidal death may be covered after a minimum period of 1 year from the policy commencement date.

Yes, accidental deaths are covered by term insurance. Life insured can choose for their nominee to receive the sum assured as a lump sum or monthly pay-outs or both in parts. All these conditions are mentioned in the policy document which must be read carefully at the time of purchase and referred to, when required.

The biggest advantage of term insurance is getting good life cover at affordable premium rates. Term insurance plans in India are the cheapest forms of life insurance one can lay their hands on. Also, the premiums paid up to Rs 1.5 lakhs per annum (u/s 80C) as well as the sum assured received is exempt from taxes u/s 10 (10d) of the Income Tax Act, 1961. 

మాక్స్ లైఫ్ ఇన్సూరెన్స్ ప్రీమియం ఎంపికతో దిగువ కాల జీవిత బీమా ప్లాన్‌ను అందిస్తుంది– మ్యాక్స్ లైఫ్ స్మార్ట్ సెక్యూర్ ప్లస్ ప్లాన్ (ఒక నాన్-లింక్డ్ నాన్ పార్టిసిపేటింగ్ ఇండివిజువల్ ప్యూర్ రిస్క్ ప్రీమియం లైఫ్ ఇన్సూరెన్స్ ప్లాన్ UIN - 104N118V08)

రిటర్న్ ఆఫ్ ప్రీమియం ఆప్షన్‌తో టర్మ్ ఇన్సూరెన్స్ ప్లాన్‌లతో క్యాచ్ ఏమిటి?

రిటర్న్ ఆఫ్ ప్రీమియం ఆప్షన్ ఉన్న టర్మ్ ఇన్సూరెన్స్ ప్లాన్లలో క్యాచ్ లాంటిదేమీ లేదు. దీనికి విరుద్ధంగా, పాలసీ వ్యవధిలో మీరు అకాల మరణానికి గురైనట్లయితే, ప్రీమియం యొక్క రిటర్న్ ఆప్షన్‌తో కూడిన టర్మ్ ఇన్సూరెన్స్ ప్లాన్‌లు ఆర్థిక సహాయాన్ని అందిస్తాయి. అంతేకాక, ఈ ప్లాన్లు మీరు కవరేజీ వ్యవధిని దాటితే ప్లాన్ కోసం మీరు చెల్లించే మొత్తం ప్రీమియంలలో 100% తిరిగి చెల్లిస్తాయి.

'బేస్ పాలసీ కొరకు చెల్లించిన మొత్తం ప్రీమియంలు మరియు అండర్ రైటింగ్ అదనపు ప్రీమియంలు ఏవైనా ఉంటే' అనేది లైఫ్ స్టేజ్ యాడ్ ఆన్ అస్యూర్డ్ (ఏవైనా ఉంటే) కొరకు ప్రీమియంలతో సహా పాలసీ కింద చెల్లించిన అన్ని వార్షిక ప్రీమియం మరియు అండర్ రైటింగ్ అదనపు ప్రీమియం మొత్తాన్ని సూచిస్తుంది.

The right amount of life insurance is the one that is adequate to meet your family’s financial requirements. There is no definite number that works for everyone.

The ideal life insurance cover can be calculated after calculating your expenses and liabilities. In addition to this, it should also consider inflation.

Child plans are insurance cum investment plans that help you create a corpus for your children’s future over a period of time (policy term). At maturity, these plans pay a lump sum amount, which can be used to pay your child’s college fees or marriage expenses. The insurance cover amount in these plans is at least 10 times the amount of premium paid.

In the event of the policyholder’s death anytime during the policy term, the child/nominee receives the lump sum amount (death benefit) as promised at the time of purchasing the policy. But the unique point about child plans is that the policy does not end here. All future premiums are paid by the insurance company, and the maturity benefits, at the end of the policy term, are paid to the child. Some plans also offer monthly income in addition to the death benefit to meet day-to-day expenses. A child insurance plan thus offers dual benefits of insurance and investment and should be an integral part of financial planning for your child’s future.

As a parent, you want to fulfil your children’s dreams and save money for their education and marriage. Child insurance plans help you build a corpus towards these goals and protect your children’s future in your absence. Therefore, they are a good solution for someone who wants to work towards these goals while minimising the risk. 

Some of the other benefits of a child plan are: 

• Use as collateral - If you plan to avail an education loan for your child in the future, then you can use the child insurance plan as collateral.
• Partial withdrawal - If the child is hospitalised due to a medical condition or accident, these plans allow you to withdraw a lump sum amount from the yet-to-mature policy. This payout will act as an add-on to your health insurance plan. 
• Tax benefit – As per the existing tax laws premiums paid towards child plans are tax-deductible under section 80C of the Income Tax Act, 1961. Maturity benefits are also exempt from tax as per section 10(10D).

Investing in child plans is a great way to secure your child's future. Starting investments early will help you create a large corpus of money that can cover the costs of your child's education and other expenses.

For example, if you invest Rs. 5,000 monthly for 20 years, you can accumulate Rs. 28,45,000 at an 8% return rate. However, if there is only a 5-year delay in beginning investments, the amount invested per month would need to be increased to Rs. 8,500 for 15 years to reach the same amount of money. This means delaying your investment by 5 years could cost an additional Rs. 3,30,000!

So, it makes sense to buy a Child Plan as soon after birth as possible - many plans start from 14 days old with policy tenures ranging from 15-25 years!

• Financial goal and cover amount – The first step is estimating the amount of money you will need to fulfill your child's interests and aspirations. For instance, if you are buying the policy for your child’s education, factor in costs towards extra-curricular activities, travel, boarding, and the course fee. Use this future expense calculator to ascertain the inflation-adjusted amount you should aim for.
• Policy term – A child plan can be purchased for a tenure ranging from 15 to 25 years. Choose a policy term that coincides with an important milestone for your child. For instance, if your daughter is 2 years old today, and you expect her to start college at age 18, buy a policy with a term of 16 years.
• Fund options – Most child insurance policies offer multiple fund options with varying degrees of risk (equity-debt allocation). Based on your financial risk appetite and investment tenure, choose the fund that meets your requirements.
• Additional features - You should also check if the plan has additional features like a withdrawal facility at an important milestone in your child’s life, assured bonus, and loyalty additions.

Child insurance plans are of two types:

• Investment plans - Plans that invest in the equity/ debt market (Non-Participating Unit-Linked Insurance Plans). In this plan, you pay regular premiums or for a limited period, which are invested in both equity and debt instruments. Being market-linked, these plans can give good returns over a long policy term. Based on your financial risk appetite, you can choose from fund options with varying degrees of risk (equity-debt allocation).

• Savings plan - Plans that do not invest in the market (Non-Linked Participating Insurance Plans). In this plan, you pay regular premiums or for a limited period, and, at the end of the policy term, you receive guaranteed payouts every year. Additionally, you receive any accrued bonus. 

In both plans, in the event of your death, your child/nominee receives a lump sum amount (death benefit). In addition, the policy continues and all future premiums are waived by the company. The child will still receive the maturity benefits once the premium payment term is over. In addition, he/she will also receive the accrued bonus.

You can start saving for emergencies by making a budget, setting a saving goals, automating your savings and choosing a suitable type of bank account or investment option such as different types of mutual fund to ensure safety of funds as well as easy withdrawal.

To ensure that you are using your emergency fund corpus correctly, you should clearly define what an emergency is. For example, loss of income or job loss is an emergency but getting a new expensive gadget just because your friend has bought one is not. Similarly, withdrawing from emergency fund is ok if you have unexpected medical expenses or hospitalization

Emergency funds are made to keep a backup in case of any untimely emergencies or to meet any needs that may occur suddenly. If you do not have such a fund in place, unexpected emergency expenses might wipe out your savings or land you in debt trap.

The amount will vary depending on your living expenses, but you consider saving between 6 to 9 months’ of living expenses for emergencies. Ideally, you should also recalculate your emergency fund requirement periodically, usually once every year to ensure that your savings are emergencies are in line with your current monthly expenses.".

Yes, along with NRIs, persons holding the OCI and/or PIO status are eligible to buy an NRI term plan. Subject to providing the required documentation and fulfilment of all applicable eligibility criteria.

Yes. Premiums paid for NRI life insurance policies are eligible for tax deduction under Section 80C of the Income Tax Act, 1961. However, this tax deduction can only be used to reduce tax liability on the income that NRI policyholders earn in India as long as they have opted for the Old Tax Regime. As per current tax rules, the New Tax Regime does not provide this tax deduction benefit.

The best term insurance for NRI would be one that provides sufficient life cover to help the policyholder’s dependents remain financial secure and maintain their lifestyle in the absence of the life insured. Also, a good NRI term plan would encompass features like flexibility to choose policy term and premium payment term along with suitable pay-out options.

Apart from term insurance for NRI plans in India, there are some other types of life insurance plans available for NRIs, like NRI Child Plans, NRI Retirement Plans and investment plans for NRIs.

Yes, NRI life insurance plan death benefits are paid by the insurer irrespective of the policyholder’s location at the time of death. This is however subject to the various terms and conditions specified in the life insurance policy document, so policyholders should read the policy document carefully to know the applicable exclusion criteria.

Most insurers do not charge higher premiums to NRI policyholders in comparison to resident Indians provided the applicant profile is similar. However, premiums can be higher for NRIs who are residing in countries that are considered to be higher risk due to civil unrest, military issues, unstable government, etc. Even then, there are ways via which you can significantly reduce your life insurance premium such as buying NRI term plans early, maintaining a healthy lifestyle, no tobacco use and so on.

The sum assured offered under NRI life insurance policies differ based on the applicant profile. Many insurance companies offer life cover of Rs 1 crore as well as higher cover of Rs 2 crore, 5 crore, etc. at an affordable premium, these plans are applicable to NRIs as well.

Yes, most insurance companies in India have dedicated helplines to allow NRIs easy access to customized services. In the case of Max Life Insurance, NRI applicants can get their queries about life insurance policies answered through the following ways:

Market-linked investments such as equities have the potential of providing you with returns of 15% or higher. However, returns are not guaranteed and a substantial risk is associated with the returns