A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured's death.
Typically, life insurance is chosen based on the needs and goals of the owner. Term life insurance generally provides protection for a set period of time, while permanent insurance, such as whole and universal life, provides lifetime coverage. It's important to note that death benefits from all types of life insurance are generally income tax-free.
What Exactly Is Health Insurance?
Health insurance is a plan that people buy in return for coverage on all kinds of medical care. Most plans cover doctors’ appointments, emergency room visits, hospital stays, and medications.
The idea behind insurance is simple: Medical care can be expensive. Most people can’t pay for it all out of their own pockets. But if a group of people gets together, and each person pays a fixed amount every month (whether they need medical care at that time or not), the risk is spread out over the whole group. Each person is protected from high health care costs because the burden is shared by many.
What is General Insurance
Insurance other than ‘Life Insurance’ falls under the category of General Insurance. General Insurance comprises of insurance of property against fire, burglary etc, personal insurance such as Accident and Health Insurance, and liability insurance which covers legal liabilities. There are also other covers such as Errors and Omissions insurance for professionals, Credit insurance etc.
Non-life insurance companies have products that cover property against Fire and allied perils, flood storm and inundation, earthquake and so on. There are products that cover property against burglary, theft etc. The non-life companies also offer policies covering machinery against breakdown; there are policies that cover the hull of ships and so on. A Marine Cargo policy covers goods in transit including by sea, air and road. Further, insurance of motor vehicles against damages and theft forms a major chunk of non-life insurance business.
In respect of insurance of property, it is important that the cover is taken for the actual value of the property to avoid being imposed a penalty should there be a claim. Where a property is undervalued for the purposes of insurance, the insured will have to bear abatable proportion of the loss. For instance if the value of a property is Rs. 100 and it is insured for Rs. 50/-, in the event of a loss to the extent of say Rs.50/-, the maximum claim amount payable would be Rs.25/-(50% of the loss being borne by the insured for underinsuring the property by 50%). This concept is quite often not understood by most insured’s.
Tax advisory and filling
It’s never been about paying tax, but the entire process of tax compliance that makes people shy away from taxation.
We at Marcus Multi Solutions invite you to experience the hassle free way of tax compliance.
Tax experts at Marcus Multi Solutions provide advice on direct and indirect tax obligations arising out of domestic and international transactions with the focus to optimize tax structure that are completely in line with your business goals.
For high net worth individuals & experts, our team can assist with remuneration planning and structuring of investments.
We provide tax-planning solutions that are unique and also assist in managing tax office investigations. We believe in todays global economy, effective tax planning & advice can give your company a competitive over your competitor.
VAT Registration Value Added Tax (VAT) is a tax levied on the sales of goods in India. Manufactures and traders should obtain VAT Registration, if they have annual sales of more than Rs. 10 lakhs( 5 Lakhs in some states). Different States have different VAT Regulation and different tax rates are applicable for different types of products. Therefore the VAT Tax Rate and Exemptions vary from state to state.
We acknowledge the fact that while stepping in a new arena, one has numerous doubts thus, advisory is our priority. We let you discuss all the doubts that you have in connection of obtaining VAT Registration at any given time. We want you to focus on the key areas of your business and let the hassles be ours.
We specialises in providing you the best options possible for whatever it is you need the money. It could be Mortgage Loan, Home Loan or Project Loan. We only ask questions that need answers. You'll never have to feel imposed upon as many other organisations do when they almost pry on your requirements and why you need the money to begin with. We simply get the job done.
Apart from above services, we also feel excitment in providing other services as mentioned below