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Avail Tax Benefits by Considering the Most Effective Tax Saving Plan

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A life insurance policy is an important tax planning tool, as you are eligible to receive tax benefits when you become a policy holder. – PowerPoint PPT presentation

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Title: Avail Tax Benefits by Considering the Most Effective Tax Saving Plan


1
Tax Saving Plans
2
Avail Tax Benefits by Considering the Most
Effective Tax Saving Plan
3
A life insurance policy is an important tax
planning tool, as you are eligible to receive tax
benefits when you become a policy holder. Under
the Income Tax Act 1961 you can claim deduction
on premiums when you invest in a life insurance
plan. To ensure that you extract the maximum tax
benefits it is important that you take wise
investment decisions after much deliberation.
You can diversify your investment portfolio by
investing in different insurance plans. In
addition to that you will benefit from the tax
benefits which come with the insurance plans.
You can save a considerable amount of money by
paying lower premiums.
4
Save on taxes You must make note of the fact
that the maturity proceeds of most of the life
insurance plans are free from taxes. It is a
wise idea to look for a long term life cover if
you want to save on taxes. Today, you have
various tax saving plans, which are available to
individuals who can gain benefits under different
sections. Depending on your income level and
financial status you will fall under different
categories. The tax benefits differ from one
section to another. Before you invest in atax
saving plan it is important that you conduct a
thorough research and gain an insight into the
various financial products that are available.
5
Enjoy tax benefit You can save tax by claiming
deductions on the premiums which you pay. You do
not have to pay any tax either on maturity or on
death when you opt for a life insurance plan.
When you opt for tax saving plans there are
some points which you should bear in mind. You
can avail tax benefit under section 80C on the
premiums which you pay on life insurance. Under
section 80CCC you will get tax benefits on
premiums which you pay on pension policies. Under
section 80D you can enjoy tax benefits on health
insurance.
6
Opt for life insurance Life insurance is one of
the most preferred by most investors asa tax
saving plan. It is an important financial tool
which can help you save on taxes. By opting for
life insurance you can secure the future of your
loved ones. The amount of life insurance which
you should opt for depends on various factors
which are expenses, liabilities, outstanding
debts, mortgages and income. You can opt for
term insurance if you want coverage at fixed
premium rates for a specific period. 
7
Tax benefits on child plans You should not
overlook the tax benefits which are offered on
child insurance plans. When you think of ways to
minimize the amount of income tax which is
payable you can consider investing in a child
insurance policy. Child plans enable parents to
provide for their childs future as well as save
regularly. Child plans instill a sense of
discipline among the parents as they have to
invest a fixed amount over a period. You can save
on taxes as you invest wisely and guarantee your
childs future. You will get the benefit of
deduction of premium from your taxable income
with such a tax saving plan.
8
Source http//onlinelifeinsurance1.weebly.com/bl
og/avail-tax-benefits-by-considering-the-most-effe
ctive-tax-saving-plan
9
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https//www.facebook.com/bajajallianzlifeinsurance
ltd
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e-insurance-co-ltd-
http//plus.google.com/bajajallianz/posts
https//twitter.com/bajajallianzLIC
https//www.youtube.com/user/jiyobefikar
https//instagram.com/bajajallianzlifeinsurance
10
Visit to know more on Tax Saving
Plans https//www.bajajallianz.com/Corp/life-insu
rance/save-tax.jsp
Thank You.!
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