I have some queries related to investment on behalf of my wife.
My wife is a home maker, I have opened a PPF account on her name for investment.
My first question is, can I claim tax benefit for this PPF? (I am already having my PPF account)
I want to take an insurance policy for my wife, I don’t want to invest in normal traditional policies instead I want to buy a TERM PLAN. So is it possible to take Term Plan on my wife’s name, as she is a house wife? If yes then please suggest some term plans for the same.
Yes, you can claim the tax benefits invested in the name of your spouse. However, as she does not have her own income, none of the companies will come forward to offer her Term Insurance (even an Endowment plans). Because for buying an insurance, there must be an insurable interest.
Your wife is not earning means none will be financially dependent on her. So insurance is not required for her.