Saving Schemes, Pension plans
Tax Benefits on Insurance and Pension
Tax Rates for Individuals
Explanation of Tax Benefits
Premiums paid for Life insurance - Deduction under Section 80C
Category of assesses allowed deduction: Individual assessee and Hindu Undivided Family assessee.
Eligible Savings: Premiums paid or deposited by assessee to effect or to keep in force insurance on the life of following persons:
Limit on amount of deduction: Deduction will be restricted to investments upto Rs 100,000 in savings specified under Section 80C (including life insurance premiums). If any investments have been made under Section 80CCC and 80CCD, then the qualifying amount under Section 80C will stand reduced to that extent.
Premiums paid for Pension plans - Section 80CCC
Permitted Deduction: Section 80CCC allows for deduction of premiums paid under a pension plan. As per this Section, premiums paid upto Rs 10,000 (till FY 2005-06) & Rs. 1 Lakh (from FY 2006-07) by an individual is allowed as deduction from his total income.
Deduction and upper limit: The qualifying amounts under Section 80D for self, spouse and dependent children is upto Rs. 15,000/- and additional deduction upto Rs. 15,000/- for the parents (from FY 2008-09 onwards). However, a higher amount of upto Rs 20,000/- is permitted if the person, for whose health insurance the premium was paid, was aged 65 years or more at any time during the financial year in which the premium was paid. Such amounts of premium paid would be allowed as deduction from the total income of the assessee.

Overall deduction limit - Section 80CCE

A new Section 80CCE has been inserted from FY2005-06. As per this section, the maximum amount of deduction that an assessee can claim under Sections 80C, 80CCC and 80CCD will be limited to Rs 100,000.
Benefits under insurance policy - Section 10(10D)
As per Section 10(10D) of Income tax Act, 1961, any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy is exempt from tax.However, this rule does not apply to following amounts:
sum received under Section 80DD(3), or
any sum received under a Keyman Insurance Policy, or
any sum received other than as death benefit under an insurance policy which has been issued on or after April 1 2003 and if the premium paid in any of the years during the term of the policy is more than 20% of the sum assured.

Tax Rates for Individuals
The rates of income-tax for FY 2008-09
Tax Rates for Individuals financial year 2008- 09
a. Tax rates
Tax rate for Individuals for Assessment year 2009-10 is as follows:

Income Range General Women Senior Citizens
Upto Rs. 150,000 Nil Nil Nil
Rs. 150,001 to Rs. 180,000 10% Nil Nil
Rs. 180,001 to Rs. 225,000 10% 10% Nil
Rs. 225,001 to Rs. 300,000 10% 10% 10%
Rs. 300,000 to Rs. 500,000 20% 20% 20%
Above Rs. 500,000 30% 30% 30%

No change in Surcharge and Education Cess which remain at 10% (where the total income is more than Rs. 10 lakhs) and Education Cess @ 3%
b. Increase in limits for deduction under Section 80D
At present premia paid under the policies on the health of the self, spouse, dependent children and dependent parents eligible for a deduction upto Rs.15,000/- per annum. For senior citizens, the limit is Rs.20,000/-
The following amendments have been proposed under Section 80D:
A deduction of Rs.15,000/- only for self, spouse and dependent children
Additional deduction of Rs. 15,000 for parent or parents
The condition of dependency of parent has been removed. In other words, even if the parent is independent, the individual can pay the premia and claim the deduction. This would help, for example, a wife to pay premia on a policy taken on the health of her father or mother who is independent

All your needs under one roof for your Financial Plannings & tax savings under sec 80 C, 80D & Wealth Creations by Systematic Savings Schemes etc., through INSURANCE & MUTUAL FUNDS.

LIFE INSURANCE PLANS:
ICICI PRUDENTIAL OFFERS PLANS UNDER THE FOLLOWING MAJOR NEED CATEGORIES:
1. Education Insurance Plans.
2. Wealth Creation Plans.
3. Premium Guaranteed Plans.
4. Retirement Plans.
5. Health Insurance Plans such as Hospitalization Plans, Critical Illness Plans, Diabetes Care &
Cancer Care.
6. Health Saver - 1 st time in India - Comprehensive health Insurance provides You complete
health coverage through a Hospitalization cover while at the same time also creating a Health
Fund to cover any other health care expenses.
TAX BENIFITS:
Invest in ICICI PRUDENTIAL LIFE INSURANCE plans( 1 to 4) are eligible Under sec.80C &
80 CCC & invest in Health Insurance plans ( 5 & 6) are eligible under sec.80D.
Proceeds or withdrawls of our Life Insurance policies are exempt from under sec.10(10D) subject to norms prescribed in that section.
GENERAL INSURANCE PLANS:
ICICI LOMBARD GENERAL INSURANCE offers insurance for personal & business categeries.
Personal Products:
1. Motor Insurance for 2 wheelers, 4 wheelers, commercial vehicles etc.,
2. Health Insurance Mediclaim Policy for Individual & floater for Family.
3. Critical Care - 3 & 5 yrs. plan. Claims paid on diagonosis.
4. Travel Insurance for Overseas,Student Medical Insurance,Multi trip travel Insurance,etc.,
5. Home Insurance.
Business Products:
1. Fire Insurance.
2. Burgalery Insurance.
3. Industrial Insurance.
4. Corporate Insurance.
5. Liabilty Insurance.
6. Marine Insurance.
Customised Business Products:
1. Workmens compensations Policy.
2. Educational Institution package Policy.
3. Group Health Insurance Policy.
4. Group Accidental Policy.
5. Office Package Policy.
6. Hotel Corporate Cover Policy.



MUTUAL FUNDS:

We are COVERING Mutual funds of all AMC s & SCHEMES under one roof NJ FUNDZ NETWORK.
About NJ
NJ IndiaInvest Pvt. Ltd. is one of the leading advisors and distributors of financial products and services in India. Established in year 1994, NJ has over a decade of rich exposure in financial investments space and portfolio advisory services. From a humble beginning, NJ over the years has evolved out to be a professionally managed, quality conscious and customer focussed financial / investment advisory & distribution firm.
NJ prides in being a professionally managed, quality focused and customer centric organisation. The strength of NJ lies in the strong domain knowledge in investment consultancy and the delivery of sustainable value to clients with support from cutting-edge technology platform, developed in-house by NJ.
At NJ we believe in …
having single window, multiple solutions that are integrated for simplicity and sapience
making innovations, accessions, value-additions, a constant process
providing customers with solutions for tomorrow which will keep them above the curve, today
At NJ our Service and Investing philosophy inspire and shape the thoughts, beliefs, attitudes, actions and decisions of our employees. If NJ is a body, our philosophy is our spirit which drives our body.
Service Philosophy:
We are committed to provide our customers with continuous, long-term improvements and value-additions to meet the needs in an exceptional way. In our efforts to consistently deliver the best possible service to our customers, all employees of NJ will make every effort to:
think of the customer first, take responsibility, and make prompt service to the customer a priority deliver upon the commitments & promises made on time anticipate, visualize, understand, meet and exceed our customer’s needs bring energy, passion & excellence in everything we do be honest and ethical, in action & attitude, and keep the customer’s interest supreme strengthen customer relationships by providing service in a thoughtful & proactive manner and meet the expectations, effectively.
Investing Philosophy:

We aim to provide Need-based solutions for long-term wealth creation
We aim to provide all customers of NJ, directly or indirectly, with true, unbiased, need-based solutions and advice that best meets their stated & un-stated needs. In our efforts to provide quality financial & investment advice, we believe that Clients want need-based solutions, which fits them.

Long-term wealth creation is simple and straight
Asset-Allocation is the ideal & the best way for long-term wealth creation
Educating and disclosing all the important facets which the customer needs to be aware of, is important
The solutions must be unbiased, feasible, practical, executable, measurable and flexible
Constant monitoring and proper after-sales service is critical to complete the on-going process
At NJ our aim is to earn the trust and respect of the employees, customers, partners, regulators, industry members and the community at large by following our service and investing philosophy with commitment and without exceptions.

You can call me for all your requirements thro' my mobile 94449 28181 . Contact thro''
me e-mails 1. mecmohan2002@yahoo.co.in. 2. mecnmohan@gmail.com 3. nmohan65993@iciciprupartner.com

I assure you my best services and co-operation at all times.

Refer to all your friends about me & this blog.

N MOHAN.