Nowadays, life insurance has become the most important tax saving investment, playing an important role in an individual’s financial portfolio and granting security to the individual’s family.
Under Section 80C of the Income Tax Act, life insurance is the most popular tax saving investment among the masses. What makes life insurance so popular is that it provides a maximum deduction of Rs. 1.5 lakh in a given financial year, also granting a pre-decided tax-free amount at the end of maturity or in case of fatality of the policy owner.
Apart from the tax return benefits, a life insurance helps an individual plan for the unexpected future events in their lives. Be it endowment or market linked ULIP, these options grant tax benefits on the premiums paid by the policy owners.
One can choose from life insurance plans by venturing in protection plans & savings plans. These options include: Term plans, ULIPs, Money back plans and Endowment plans. While the terms and conditions for each of these policy options differ, regardless of the rules, life insurance plans offer tax return benefits to its policy holders. The proceeds on death or maturity are tax-free under Section 10 D.. Read more about: Investment Planning for FY 2016-17
Thus, if you opt for a term plan, savings plan, a ULIP or any other form of life insurance, consider the tax benefits that each has to offer, which can help you make tax free income with the investment option of your choice.
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The aforesaid article presents the view or an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ before making any decision..
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