A person wants to invest in LIC plan for 10 years but he wants to pay premium for 5 years from unshown income and for remaining 5 years through mode of cheque-whther it will be valid on maturity and no problem will arise -do reply
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No, problem arises if he can prove it is out of his disclosed income, which is easy as now-a-days A.O. take lightly to LICs deductions.
Further, the best practice is that to disclose that income and not to hide income.
What do you mean by unshown income?
* Insurance Companies are business organizations. They only attracts customers by various plans. They only receive premium for policy. There is no difference to them what kind of money the person paid to them. There will be no problem created during the maturity of policy.
* You need not worry about shown or unshown money.
You have paid premium your entitled for maturity claim. The source is not at all a problem at this stage.
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