What is the right time to insure?

Posted on Posted in 80 C, Insurance

Insurance is very important part of your life. There are the risks of being somehow or the other hit in the wrong way. Thus the insurance shall guard you in all the possible manners. Insurance is important in many grounds. Say you are hauling a new house and there is, god forbids, some disaster. Then the investment which you have made shall go in vain. Yet if you have the insurance, then the insurance shall make things right. The same is applied for life insurances as well. The life is insured by the insurance. In case anything, chances then your family shall not fall into a pool of troubles. There are many kinds of insurance policies:

  1. Life insurance: this insurance, as the name goes insures the life
  2. The house insurance: insuring the house
  3. Car insurance
  4. Apparatus insurance: insures the machinery and other industrial appliances
  5. Heath insurance: also called the medi-claim

Preium paid for Life Insurance is allowed as deduction from your total income under section 80 C of Income Tax Act maximum upto Rs. 1 lacs and also preium paid for Health insurance is allowed as deduction form your total income under section 80 D of the Income Tax Act, 1961 maxium upto Rs. 15000/- ( Rs. 20000/- for senior citizen).

As for the time, there is no perfect time for insurance. It is good to insure as soon as the idea is envisaged. That is  to say you bought a car. Do not forget to insure it. You have made a shop, insure it before you do the pujas. Insurance is safety. Safety is peace.

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