Best Insurance for Tax savings

September 18, 2019 5:58 am,

This article is all about the best Insurance for tax savings. Insurance policies are one of the best Tax Saving options as the policies not only provide tax benefits but also life coverage. All most all Insurance policies are exempted from Income Tax. In this article, we have considered some of the best Insurance Policies for Tax Savings.

So, insurance policies provide Life cover, Investment options as well as Tax Benefits.

Some of the Best Insurance for Tax Savings are

1. HDFC Term Insurance Policies

Benefits of Buying Term Insurance:

• Provides lumpsum benefit to the nominee in the event of untimely demise
• Offers financial security to the family
• Helps by providing alternate income in the event of accidental disability or critical illness
• Policies provide benefit for death outside India as well
• Provide tax benefits under Section 80C of the Income Tax Act, 1961.

2. HDFC Life – Click2Protect 3D plus – Term Plan

Features of HDFC Life Click2Protect 3D plus plan:

This plan provides:

• Comprehensive coverage for life long protection including 3D – Death, Disease or Disability
• Customization of the plan with 9 different options
• Flexibility to choose the policy and premium payment terms
• Increased insurance coverage without medicals for certain types of options
• Flexibility to increase coverage every year through the top-up option
• Special premium rates for female individuals
• Tax benefits under 80C

3. ICICI Prudential Wealth Builder II

It is a savings and protection-oriented insurance plan. It is a unit-linked insurance plan.

Features of this plan are:

• Allows the insured to save and stay protected simultaneously
• Single premium payment policy
• Offers tax benefits
• Multiple fund options

4. MaxLife Term Plan Plus – Basic Life Cover

 Reasons you must buy this plan

• No financial burden on your nominee, in your absence
• Additional protection from 3Ds – Death, Disease and Disability
• Tax Benefits

5. LIC’s Jeevan Pragathi Plan

 This plan provides Increasing Risk Cover that provides adequate risk cover against inflation

Some of the features of this plan are:

• Death Benefit
• Maturity Benefit
• Optional Riders
• Tax benefits under section 80C

6. Birla Sun Life Insurance Protect @Ease Plan

Under this plan, 2 lives, the primary life Insured and the secondary life insured( Spouse) are covered under the same policy.

Some of the features of this policy are:

• Death benefits
• Maturity Benefits
• Tax benefits
• Enhanced life stage protection

Under this plan, 2 lives, the primary life Insured and the secondary life insured( Spouse) are covered under the same policy.

Some of the features of this policy are:

• Death benefits
• Maturity Benefits
• Tax benefits
• Enhanced life stage protection

7. Bajaj Allianz Cash Secure

It is a traditional money-back insurance policy that offers various benefits.

Features and benefits:

• Traditional money back policy
• Offers a choice of up to 4 policy terms
• Shorter premium payment term
• Special rates for female policyholders
• Tax Savings

8. HDFCLife Click2protectPlus

It is a term insurance plan in India which provides adequate protection at a nominal cost. The insurance policy provides a wide range of cover options

Features:

• The plan offers comprehensive coverage at a nominal cost
• It is an online term insurance policy
• It offers four cover options
• Flexibility to choose policy term between 10 to 40 years
• The Option of regular, limited and single premium
• Tax benefits

So, this article provides you with a quick overview of Insurance policies which are exempted from Tax. These are most sought after policies because of the maximum benefits it gets for the insurer.