Life Insurance policy and its Tax Implications on Maturity

Secure your family by taking Insurance

 Smart Investing Tips and Tax savings strategies

It is a tendency of  people do their investment planning at the end of the Financial year which is March ,hence majority of life insurance policies are purchased on tax considerations only and that too in the last quarter of the financial year. No wonder, many of end up committing some mistakes while buying insurance, just in a hurry to save tax. However, now that we are through with the last minute activity, and have entered into the new financial year, it is time that we take a fresh look at the various provisions on insurance as contained under the income tax laws.

Here I would like to throw light on  the aspects of tax treatment of Life Insurance Premium as well as tax treatment of money received from insurance company. Taking a Life insurance policy is about taking a policy which helps you with both securing the future of your dependents as well as give you a decent return on Survival.

EPF account Passbook Online register http://members.epfoservices.in/

How to get an online EPF pass book

Employees Provident Fund (EPF), generally known as PF is a retirement benefit scheme available to the salaried class in India, wherein both the employer and employee contribute an equal amount towards the fund. This year, the EPFO (Employees Provident Fund Organization) has introduced an e-passbook facility for members, which enables them to check their PF account online.

What is an EPF e-passbook?
The EPF e-passbook is an online version of the employee’s provident fund account. Transactions are recorded date-wise and these can be tracked easily by the member. You can check your EPF balance online anytime you wish to.

How to register online?
Registration on the EPFO website is necessary to avail the e-passbook facility. The following steps need to be followed to register online -

1. Visit the EPFO members site - http://members.epfoservices.in/
2. Click on the “Register” at the bottom of the page or “Click here to Register” button under the Login area.
3. You will reach the registration page, where you will have to enter your mobile number mandatorily. You will also need to enter your date of birth, email id and select one of the eight documents (PAN number, Aadhar (UID), NPR (National Population Register), bank account number, voter ID card, driving license, passport number or ration card number) along with its unique number and your name as it is in the document. On entering a six digit unique text character, you will have to click “GET PIN” to get a four digit authorization PIN on your mobile.
4. Once you receive the PIN on your mobile, you will have to enter this PIN in the box provided at the bottom of the page. Check the “I agree” box and click on “Submit” button.
5. After clicking on “Submit”, your registration will be complete and you will get a confirmation message on your mobile.

This completes the registration process on the EPFO member website.

How to generate e-passbook?     
After successful registration, you will need to login to your account in the member login area to generate the e-passbook. The following steps need to be followed.

1. Log in to your account by selecting your document, entering the document number and your mobile number that you entered on the Registration page and click on the “Sign In” button.
2. When you successfully login, you will see your name on the right hand side of the page. This is the page on which you can edit your personal details and also download your EPF e-passbook.
3. When you click on “Download E Passbook” link, you will be prompted to select the state under which your establishment is covered.
4. On selecting the state, you will be asked to choose the EPFO office. If you are unaware about the EPFO to which you belong, you can use the establishment search facility to get these details.
5. When you have selected the EPFO office, you should now enter your EPF account number. The next step is to enter your name, which should exactly match EPF records.
6. Click on “Get PIN” to receive the PIN on your mobile and email. Do not close this page till you receive the PIN on your mobile/email.
7. When you receive the authorization PIN, you will need to enter this in the “Enter Authorization PIN” box, check the “I Agree” button and then click on “Get Detail”.
8. You will then be able to download the PDF.

Points to remember while using EPFO’s e-passbook facility:

1. Only one mobile number can be used for one registration. However, your mobile number details can be edited subsequently.
2. You can view details of only one EPF account under one establishment. If you wish to view details of all your EPF accounts under a single establishment, then you will have to first transfer one EPF to another.
3. You can view a total of 10 EPF accounts under different establishments. You can view your accounts any number of times and transfer old EPF accounts to existing ones too.
4. You will not be able to view details of inoperative accounts and also EPF accounts which have been settled.
5. If you have left your job before March 2012, then you will not be able to see details online. However, you can place a request for the same on the website and it will be uploaded in a few days.
6. For logging into your account you just need your mobile number, document name and document number.
7. You can use multiple ids to register by using different document types.

The EPFO’s e-Passbook facility is a easy way in which employees can manage their EPF accounts. Now the trouble of visiting various offices and follow outdated procedures  comes to an end.

Do try and register and get to know your account balance with the click of a mouse