Insurance contracts that do not fall in the domain of life insurance are known as general insurance. These include fire, marine, motor, accident, etc.
Gift tax is applied on the transfer of property from one individual to another. This tax applies when the transfer is a gift and the person giving it receives nothing or less than the full value in return.
After the due date for payment of premium for an insurance policy, insurers usually allow an additional period of 15-30 days during which policy holders can pay premium without any penalty for late payment. This period is called Grace Period.
Gross estate is the total assets owned by an individual at the time of death, before being reduced by certain deductionssuch as taxes and debt.
Gross income refers to all the potentially taxable income received from any source for a person or an organization.
It is the amount guaranteed to be paid to the policy holder by his/her insurer in case the former voluntarily terminates the policy before it reaches maturity.
Types of insurance policies where the premium and the payment amounts stay fixed throughout the tenure of the policy.
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