[dailydriver]

Originally Posted by Prafful_Rathod

Can we claim GST paid on insurance premium also for income tax rebate under section 80 C and D ?

By LIC, I am assuming you mean all life insurance policies.

I have checked my life insurance premium receipt (with a private insurer) of Nov 2018 which includes the tax component too as amount that is eligible for tax exemption under 80C.

Likewise, my health insurance premium receipt lists the entire amount (basic premium+18% GST) as eligible for exemption under 80D.

[luvDriving]

I have a query regarding insurance policy by Bajaj allianz and regarding investment in general.

One of our family friend is a branch manager with Bajaj allianz general insurance and she has suggested the following policy. Under this policy, as a use case if we invest 1L per year then the policy premium payment period is 10 years. From the 7th year onwards we will start getting 42k per year (non-guaranteed) and from the 11th year onwards an additional 18k per year which will be guaranteed till 99 years of age.

So it is a sort of pension plan policy. My take was that right now we are in our 40s so is it too early to invest in this sort of policy ? Are there better investment avenues ?

Right now our investment is all in policies only and that too few ones. We are looking at starting investment for our retirement and also for our daughter who is currently 7 years old.

[carboy]

Originally Posted by luvDriving

I have a query regarding insurance policy by Bajaj allianz and regarding investment in general.

One of our family friend is a branch manager with Bajaj allianz general insurance and she has suggested the following policy.

Can you give the name of the policy or a link to the details of the policy? That will allow to scrutinize it better. Salespeople tell anything they want when they are trying to sell you instruments & are not to be trusted.

[hserus]

Not as close a family friend as you think.

That is a ULIP or pension plan, neither of which you should invest a paisa into- the only people to profit from it are the agent that sold you the plan and the insurance company themselves.

Originally Posted by luvDriving

I have a query regarding insurance policy by Bajaj allianz and regarding investment in general.

One of our family friend is a branch manager with Bajaj allianz general insurance and she has suggested the following policy. Under this policy, as a use case if we invest 1L per year then the policy premium payment period is 10 years. From the 7th year onwards we will start getting 42k per year (non-guaranteed) and from the 11th year onwards an additional 18k per year which will be guaranteed till 99 years of age.

So it is a sort of pension plan policy. My take was that right now we are in our 40s so is it too early to invest in this sort of policy ? Are there better investment avenues ?

Right now our investment is all in policies only and that too few ones. We are looking at starting investment for our retirement and also for our daughter who is currently 7 years old.

[luvDriving]

Originally Posted by carboy

Can you give the name of the policy or a link to the details of the policy?

Originally Posted by hserus

Not as close a family friend as you think.

That is a ULIP or pension plan, neither of which you should invest a paisa into- the only people to profit from it are the agent that sold you the plan and the insurance company themselves.

Thanks for the quick responses.

The policy is Bajaj Allianz Lifelong Assure. They are expiring the policy today and bringing in a modified one in its place. The 'friend' was after me and my wife to invest today itself to avail it's benefits. Unfortunately my wife did succumb and invested before I could call to stop her.

This is indeed a ULIP policy. I was hesitant since I could see only meagre returns and also due to the haste shown by the 'friend'.

[hserus]

What you need to do is - within fifteen days which is the "free look period" submit a request for cancellation of the policy at the branch that issued the policy. You will typically need

Service Request form (get it at the branch if you can't find it online)
Original Policy Bond (Indemnity bond in lieu of original policy bond)
Original Pre-printed cancelled cheque + NEFT details
Standard ID proof of Proposer(s) such as Aadhaar

Be sure to see the branch manager's face when you carry out this procedure. When they realize their nice fat commission is going away that will be an interesting sight.

Originally Posted by luvDriving

Thanks for the quick responses.

The policy is Bajaj Allianz Lifelong Assure. They are expiring the policy today and bringing in a modified one in its place. The 'friend' was after me and my wife to invest today itself to avail it's benefits. Unfortunately my wife did succumb and invested before I could call to stop her.

This is indeed a ULIP policy. I was hesitant since I could see only meagre returns and also due to the haste shown by the 'friend'.

[carboy]

Originally Posted by luvDriving

Unfortunately my wife did succumb and invested before I could call to stop her.

Insurance policies have a mandatory 2 week cooling off period when you can cancel it without any penalty. Do it right away. Don't go through the guy who sold this for cancelling it. He will probably try to spend 2 weeks dissuading you.

ULIPs or any other kind of whole life policy should be avoided.

[rst89]

Originally Posted by luvDriving

Thanks for the quick responses.

The policy is Bajaj Allianz Lifelong Assure. They are expiring the policy today and bringing in a modified one in its place. The 'friend' was after me and my wife to invest today itself to avail it's benefits. Unfortunately my wife did succumb and invested before I could call to stop her.

This is indeed a ULIP policy. I was hesitant since I could see only meagre returns and also due to the haste shown by the 'friend'.

As everyone has recommended, you have 15 days to get all of your money back. Act fast and get your hard earned money back.

Reminds me of my own dad who was sold ULIP by a lady of a co-op bank which had desk of Kotak Life insurance. She used to come and sit in my dad's clinic hell bent on selling policy. Dad took it without asking me.

When I came back to home and got to know this thing, I myself drafted a letter and in it clearly mentioned that this policy was sold to us improperly and sent it to the Kotak life insurance. We got all the money back as per the guidelines.

[vinit.merchant]

Experts here, please guide.

I had enrolled in the LIC Jeevan Saral approx 11 years back. The famous Table 165 showing the returns + the brand name got me. There was also the great recession of the 2008.
After about 2-3 years, i went to inquire about surrendering it. Was told the value, which was even less than what i paid them. The guy at the counter also advised that this policy will give very handsome returns if held for a long term. Hence I continued.

After completion of 10 years, my father asked one of the agents of LIC of the maturity value, and it was half of what that returns table 165 was showing. Now maybe the agent did not have access to the amount of bonus which they start accruing. This was roughly 6-8 months back. For reasons not making sense to me, he too advised to continue with the policy (although the policy was not taken via him).

My question to all experts here
What should I do with this policy? Should I continue to pay or surrender? I am now almost certain that the returns as promised on that table are not real.

Attached the famous fraudulent returns table below for reference

[supremeBaleno]

Has anyone invested in LIC's Jeevan Shanti single-premium plan with option to choose an Immediate or Deferred annuity ? Is it a good option ?

Was surprised to see not a single post on tbhp while searching for it.

[ValarMorghulis]

I have a query regarding income tax. While filing my returns, I had paid the Self Assessment Tax (I have both the Taxpayer's counterfoil as well as the screenshot) and today when I get the Intimation 143(1) from the IT department, it isn't accounting for the Self Assessment Tax! It does show in the column "As provided by Taxpayer in Return of Income".
Now the IT department is asking the entire amount again! What to do? :(

[reignofchaos]

Originally Posted by ValarMorghulis

I have a query regarding income tax. While filing my returns, I had paid the Self Assessment Tax (I have both the Taxpayer's counterfoil as well as the screenshot) and today when I get the Intimation 143(1) from the IT department, it isn't accounting for the Self Assessment Tax! It does show in the column "As provided by Taxpayer in Return of Income".
Now the IT department is asking the entire amount again! What to do? :(

Reach out to them mentioning challan no of tax payment made and any screenshots of confirmation you might have. Did you mention the correct details of the challan in your ITR?

[kavensri]

Originally Posted by supremeBaleno

Has anyone invested in LIC's Jeevan Shanti single-premium plan with option to choose an Immediate or Deferred annuity ? Is it a good option ?

Was surprised to see not a single post on tbhp while searching for it.

I have taken this policy in March 2019. I opted for deferred option with 10 year deferred period. After I took, one of my friend at work also took the same but with 7-year deferred period.
Now, coming back to your other question, I think it depends on personality. I am very conservative investor who likes to invest in government backed schemes and then LIC pension plans. I have never invested in stocks or MFs.
So, people who invests in stocks and MFs may have different opinion about this policy.

[ValarMorghulis]

Originally Posted by reignofchaos

Reach out to them mentioning challan no of tax payment made and any screenshots of confirmation you might have. Did you mention the correct details of the challan in your ITR?

Yes sir absolutely. That's why it mentions the amount in the "As Provided by
Taxpayer in Return of Income" column.
Will resubmit.

[Prafful_Rathod]

Originally Posted by ValarMorghulis

Yes sir absolutely. That's why it mentions the amount in the "As Provided by
Taxpayer in Return of Income" column.
Will resubmit.

Did you file your returns immediately after paying Self Assessment Tax ?

If yes then that is probably the reason for Income Tax Notification under section 143(!). two years back I had faced similar issue.

It generally takes two to three working days for the details of Self Ass. Tax to get updated in your Form 26AS, only after which you should file your returns.

Dont worry, now you need to file Rectification Request for the same (you can do that online) mentioning details of Self Ass. Tax (challan No, amt, dt etc) and selecting the option for reprocessing the returns. It would take around couple of months.