tax return and policy

1. 

   Anonymous
   

   Unregistered
   
   

   Reputation:0

    

   hi,i want to buy a lic of india new launch ulip plan [samriddhi plus],i want 8-9 lacs rupees invest in single premium,i meet a lic of india branch manager for buying process of the policy ,but they demanded mine last 3year tax retutn report then he will sold the policy to me ,the above money deposited by my guardian from my childhood in my bank a\c.at the time i am a student and no earning in present or past,i never file a tax return.so how can buy the upper policy lic of india or other private insurance companies ulip plan policy.

   Posted 1 year ago #
2. 

   kabra
   

   member
   Joined: Jun '09
   Posts: 13

   Reputation:17

    

   Every insurer need to verify the following aspects :-

   1. Health condition of the life assured
   2. Financial condition of the proposer/Life assured
   3. Risk and Sum under consideration
   4. Rates and terms to be fixed and etc. etc.

   Financial condition is verified to ensure continuity of premium and to avoid lapsation of policy for non- payment of premium.

   but in your case you intend to pay the premium one time i.e single premium. Therefore, the need to call/verify your IT records seems not essential.

   But remember one thing you might have to prove :-
   a) Where and
   b) how did you receive this money and
   c) in which capacity and
   d) whether lawfully or otherwise?

   My suggestion to you is to stick with LIC and ask for Life coverage for a minimum sum asssured of Rs - 10-15 lacs, if you are going for ULIP policy.

   bye bye

   Posted 1 year ago #

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