Simple Insurance policies for Tax

Simple Insurance policies for Tax

September 13, 2019 8:04 am,

Insurance policies are one of the best Tax Saving options. All most all Insurance policies are exempted from Income Tax. In this article, we have considered few simple Insurance policies for Tax savings.

Hence, insurance policies provide Life cover, Investment options as well as Tax Benefits. Even health insurance policies do provide Tax benefits under 80C.

Simple Insurance policies for Tax:

1. HDFCLife Sanchay Plus – Savings Insurance

HDFCLife Sanchay Plus is a non-participating non-linked savings insurance plan. This plan offers assured benefits on the maturity of the policy term. It offers the dual benefits of both insurance and returns.

Plan provides tax benefits for a premium paid under Section 80C of Income Tax Act, 1961.

Key Features of HDFC Life Sanchay Plus:

Let us see what are the key features of HDFCLife Sanchay Plus plan:

  • Guaranteed benefits
    • Maturity value – 180% to 325% of sum assured
    • Guaranteed addition – 8% to 9% of sum assured
    • Enhanced benefit for high premium paying policies above Rs. 1.5 lakhs per annum
  • Tax benefits
  • Flexibility
  • Life long income option
  • Long term income option
  • Optional riders
  • No medicals required

2. 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.

3.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

4.ICICIPro Savings Suraksha

Key features of this policy are listed below.

  • Life Cover: Secure family’s future with the benefit of life Insurance Cover
  • Savings with Guaranteed maturity benefits along with bonuses
  • Choose the payment term, Policy term, and sum assured as per your need
  • Provide Tax benefits Under sections 80C

5. 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

6. ICICI Prudential Wealth Builder

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

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. 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

9. 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

10. 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

So, in this article, we have discussed the best Insurance policies that can be taken to save tax. Everyone wants to save tax and invest their hard-earned money. Insurance is one of the best options to invest and get tax benefits along with life cover.

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