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Tax saving insurance policies
Tax-saving insurance policies refer to life insurance plans that also offer tax benefits under Section 80C of the Income Tax Act, 1961. These policies allow you to save on taxes while also securing your financial future. Here are some common tax-saving insurance policies:
- Term Insurance: It is a pure protection insurance plan that provides a lump sum payment to the nominee in case of the policyholder's demise during the policy term. Term insurance plans also offer tax benefits under Section 80C.
- Endowment Policies: Endowment policies are traditional life insurance plans that provide both insurance coverage and investment benefits. They offer guaranteed returns and tax benefits under Section 80C.
- Unit-Linked Insurance Plans (ULIPs): ULIPs are market-linked insurance plans that offer both insurance coverage and investment benefits. A part of the premium paid goes towards insurance coverage, and the remaining is invested in equity or debt funds. ULIPs also offer tax benefits under Section 80C.
- Pension Plans: Pension plans are long-term savings plans that help you build a retirement corpus. They offer tax benefits under Section 80CCC, which is separate from Section 80C.
FAQ'S
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