Term Insurance Tax Benefits and Bima Policy Overview
Term insurance offers important tax benefits that support effective financial planning. Premiums paid under a bima policy may qualify for tax deductions as per applicable income tax provisions, while the death benefit received by nominees is generally tax-exempt, subject to prevailing laws. These tax benefits make term insurance an efficient tool for securing life protection while managing tax liabilities. Understanding how term insurance tax benefits work helps individuals plan both protection and savings in a structured manner.