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News From Press Life assured, proposer or premium payer – who may claim tax benefits on life insurance?

Life assured, proposer or premium payer – who may claim tax benefits on life insurance?

Source: Financial Express Jan 12, 2019

Life insurance is a contract through which a person transfers to an insurance company the life risk of a person in whose life he or she has an insurable interest. Insurable interest means gains from survival of a person or probability of suffering financial loss on the demise of the person. For example, a dependent parent has insurable interest in the life of an earning son or daughter, because the parent depends on his or her earnings and would suffer financial loss on the demise of the earning son or daughter.

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