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tds at bank and number of concurrent life insurance policies

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Hi ,

As I know bank deducts 10% as TDS on interest earned on FD. My question is,  do I need to recalculate the tax for interest earned based on my annual income tax slab or TDS deducted by bank itself is ok.


Whatever your tax slab, bank deducts TDS at flat rate of 10% on the income earned on deposits if such income in a bank branch exceeds INR 10,000 p.a. If you belong to a higher tax slab, then you need to pay the balance tax at the time of ITR filing.


I have taken a 5 lakhs term insurance from LIC for which I paid around Rs.22000/- one time premium for a cover period of 25 years. Of late, I have been thinking of taking additional cover of Rs.25 lakhs from HDFC Standard life for which the premium is about Rs4700(for smokers) for a tenor of 30years. Since, I am a smoker, so I believe in taking additional term cover to keep my parents safe and my future would be wife and children. Kindly advice.

Also, I want to know, as to how many no. of term policy can an individual take at the same time? What if I take 2 term policies from 2 different companies, is there any clause within their policy taking guidelines, which requires me to acknowledge this fact to both the companies? And if its yes, how the same is done when buying the policy online with the new co.. Also, will I have to fill some additional form to acknowledge my new policy with my previous company? Please suggest.


There is no limit on the amount of life insurance cover one chooses to purchases as human life value cannot be measured in money terms.

We suggest you to first figure out the adequate life insurance cover you require at this point in time. You can find that out here:


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