Kindly advise a person have a monthly income Rs.32000/- include of FDR interest yearly income approximately Rs.4 Lacs so how much,s amount Term insurance & Health insurance he can take
22 May 2023
If you wish to save income tax by purchase of insurance schemes, better go for new tax regime, almost nil tax liability (off course, from FY 2023-24 onwards.)
23 May 2023
No Sir, No save to income tax annual income is Rs.400000/- No tax liability. so please suggest how much,s amount Term insurance & Health insurance he can take
23 May 2023
It varies upon many more factors like age of assessee, dependents, future plannings etc. Roughly speaking the term policy should be 5 to 10 times of annual income and Mediclaim premium should be between 5 to 10 percentage of annual income, based on the health conditions of his/her family members.
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