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Reader's Corner: How do I calculate my family's life insurance needs?

The primary objective of a life insurance plan is to protect you and your family's life, dreams and goals

Premium growth of life insurers hits 4-year low; LIC's collections drop

Can you help me understand the taxation of unit-linked insurance plans (Ulip)? A unit-linked insurance plan (Ulip) is an investment-cum-protection product. Premium paid for a Ulip policy is eligible for tax deduction under Section 80C of the Income-Tax Act, 1961, subject to fulfilment of the following condition: The premium paid should not exceed 10 per cent of the sum assured during the policy term. Further, the tax deduction is restricted to Rs 1.5 lakh, as permissible under Section 80C. Ulip also offers tax benefits on withdrawal. In case of death of the policyholder, the death ...