We all give considerable thought to tax saving. This is an important aspect of financial planning. We’ll give you a quick guide to understanding how to save taxes with insurance products. • Life Insurance is an integral part of your financial portfolio. A Life Insurance plan is your family’s financial safety net in your absence. • https://blog.bankbazaar.com/how-to-save-tax-with-insurance/
Different Life Insurance Plans. One Benefit. • All Life Insurance plans have one major benefit. Tax saving. • You can claim tax deductions on the premium that you pay for your policies. • More about the Tax Saving Plans of Life Insurance • You can claim deductions up to Rs. 1,50,000 on your Life Insurance policies under Section 80C of the Income Tax Act. • My policy has matured. Do I get a tax deduction?
How is Health Insurance beneficial as a tax saving option? • We’ll make it simple with an example. If you pay Rs. 25,000 as the premium on your own policy and Rs. 30,000 for your senior citizen parent, you can claim a tax benefit of Rs. 25,000 + Rs. 30,000 which is a total amount of Rs. 55,000. • Senior citizens can claim Rs. 30,000 and others can claim Rs. 25,000 as tax deductions under Section 80D of the Income Tax Act. • The maturity amount received under a critical illness policy is exempt from tax. So there you have the various tax saving options with insurance policies.
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