Service Tax
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| As per Budget 2012-13, Service tax rate has been increased from 10.3% to 12.36%. Accordingly, wef Apr-1, 2012 -- Service tax applied on charges in ULIPs and on premiums in Pure Term and GLPP will be increased from 10.3% to 12.36%. Service tax on 1st year premium in Secure Smart Plan and Smart Sanchay Plan has also been increased from 1.545% to 3.09%. (Service tax rates above are inclusive of applicable cess). |
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Income Tax Benefits
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| For policies issued on and after 1st April 2012, the Policyholders are eligible to claim tax benefits under Sec 80C and 10 (10D) only if the premium payable for any of the years during the term of the policy does not exceed 10% of the actual capital sum assured. To fully avail tax benefits, if your policy is issued after Apr-1 2012, please check that your policy Sum Assured is at least 10 times the annual premium. Please contact your tax advisor for specific tax related advice. |
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