Complete guide on how term insurance policy can help you save tax

| February 4, 2019

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Term insurance policy is an essential requirement for every earning member of the family who has financial dependants. If you have spouse, children or elderly parents financially depending on you, it’s essential to have adequate insurance coverage to protect your family in the event of eventualities. Though the primary objective of buying term insurance plan is for financial protection, it also offers the tax benefits. Let’s take a detailed look at how to save income tax with the help of these online tax calculators for term insurance plans. Buy term insurance to serve dual aim – protect your family and save tax too! Term insurance plans are pure insurance plans that only offer death benefits. That means, if you survive the policy term, you will be paid nothing in return. Term insurance premiums are not invested anywhere. It’s basically an essential cost you are making every year to secure your family’s financial future when you are not around. As you make every financial decision, be it insurance or any investment, tax planning has to be part of the buying process. Part of the money that is spending to buy life protection cover can save you some amount of tax.

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Interbrokers

Interbrokers Insurance, Inc. is a boutique insurance service provider specialized in multiple, personalized products and services to affluent clients throughout Latin America and The United States. Some of our services include: Collectible coverage, Travel Insurance, Special Protection and more.

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