Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
Use your leave travel concession smartly
3 mins
2.3KHow can you claim tax benefits from the LTC Cash Voucher Scheme??
On 12th October 2020, the Government of India announced the LTC (Leave Travel Concession) cash voucher scheme, a concession scheme that allows a tax payer to become eligible for tax benefits under the Leave Travel Concession without actually having to travel. These benefits are conditional to the tax payer incurring a specific amount of expenditure and insurance premium payments are included in this expenditure.
The COVID-19 pandemic and the nationwide lockdown that followed disrupted most of our travel plans. Because of which many of us were unable to utilise the Leave Travel Concession (LTC) benefit available in our salary structures. Therefore, the government decided to introduce this scheme to give this benefit to the tax payers.
So, how does the LTC Cash Voucher Scheme work?
To avail the benefits of this scheme, you need to:
The spends must be incurred between 12th October 2020-31st March 31 2021.
You can claim a maximum deduction of Rs.36,000 per person. If the actual spends is less than 3 times the value of the LTC fare the deduction will be calculated on a pro-rata basis.
Note: This scheme is applicable for the unutilised LTC fare during the Block year 2018-21.
LTC Terms and Conditions To Avail Benefit on Buying Life Insurance
Insurance payments can be considered under the LTC Cash Voucher Scheme with certain terms and conditions:
Are you considering buying a Life Insurance plan but not sure which one to buy? Get in touch with our financial advisor now to understand how life insurance can help you financially plan for your life's milestones. Pick the most suitable life insurance plan based on your life stage and also avail tax benefits with your premium payments under the LTC cash voucher scheme.
Disclaimers:
1. Tax benefits are as per the Income Tax Act 1961 and are subject to any amendment made thereto from time to time. You are advised to consult your tax consultant
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Get Expert Advice from Your Trusted Life Insurance Partner!
Have questions? Get help and reliable support from experts at Generali Central India Life Insurance.
Explore Knowledge Center
From insurance basics to wealth-building strategies — everything you need, in one place.
Got Questions? We’ve Got Answers!
Here are answers to some of the questions you might have.
Life insurance is a financial safety net that supports your loved ones in your absence. If something happens to you, it provides them with funds to help cover everyday expenses, repay debts, and achieve future goals. It gives you peace of mind, knowing your family’s financial future is secure— no matter what.
The right plan depends on your needs.
Start by assessing your life stage, financial goals, and the needs of your family. Consider factors like your income, outstanding loans, future expenses and goals (like children’s education, foreign travel, study abroad), and desired coverage amount. We offer a wide range of plans that cover multiple goals and budgets. To get a better idea and make a confident choice consult with a financial advisor or call us on 1800 102 2355.
A good rule of thumb is to aim for coverage that's 10–15 times your annual income. Consider your family’s living expenses, outstanding loans, children’s education, and long-term goals. The right amount ensures your loved ones can maintain their lifestyle and meet future needs— even in your absence.
We would love to help you choose and buy the right policy for your needs. Call our toll-free number 1800 102 2355 or drop us an email at care@generalicentral.com.
Reach out to us in any way that you prefer, and our team of experts will soon get back to you!
Disclaimers
Understand your policy better with key details and insights into our Generali Central Life Insurance.
This Product is not available for online sale. Life Coverage is included in this Product. For detailed information on this plan including risk factors, exclusions, terms and conditions etc., please refer to the product brochure and consult your advisor, or, visit our website before concluding a sale. Tax benefits are as per the Income Tax Act 1961 and are subject to any amendment made thereto from time to time. If you have any request, grievance, complaint or feedback, you may reach out to us at care@generalicentral.com For further details please access the link: www.generalicentrallife.com/customer-service/grievance-redressal-procedure.
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