Welcome To Insurance Association Of Pakistan
All life insurance plans qualify for a tax deduction of up to Rs. 1.5 Lakh under Section 80C of the Income Tax Act. Also, the proceeds received under life insurance plans such as death benefit, maturity benefit, and accrued bonuses qualify for a tax exemption under Section 10 of the Income Tax Act. Homeowner’s forms are written to cover damage to or loss of not only an owner’s dwelling but also structures , trees and shrubs, personal property , property away from the premises , money and securities , and losses due to forgery. They also cover removal of debris following a loss, expenditures to protect property from further loss, and loss of property removed from the premises for safety once an insured peril has occurred. Collision and comprehensive only cover the market value of your car, not what you paid for it—and new cars depreciate quickly. If your car is totaled or stolen, there may be a “gap” between what you owe on the vehicle and your insurance coverage. What Is The Maximum