Click on https://www.bajajallianz.com/Corp/life-insurance/save-tax.jsp For more details Bajaj Allianz brings to you some simple tax saving plans to help to plan your taxes and invest your money well at the same time.
2. ▪ In 2015, women are much ahead of just being homemakers! Be it any
profession, they often become the frontrunners and win the race much
like their male counterparts. Contrary to the popular notion, they earn
hefty salaries; they run their families hand in hand with the men.
▪ Therefore, it is equally important for women to save tax too alongside
having a well-planned financial goal. Tax planning involves taking into
consideration various factors such as the age of the assesse, total
income earned and the financial goals of the assesse as an individual
and from the perspective of her family. Most women start looking at
tax saving avenues only in the January-March quarter of the financial
year so as to submit the proof of investments to their employer by the
end of that financial year. This is the time of the year when all financial
advisors, banks or other financial intermediaries will also start
approaching individuals with their tax saving ideas. However, it is
prudent to consider and start investing early for tax-planning purposes.
Today, there are numerous investment options available to woman
investors which help save taxes.
3. ▪ Among other financial products, insurance should definitely be a
crucial tax saving option for a woman investor to include in her
financial portfolio. Women often do not consider insurance, both
life and health, as priority. However, with rising medical costs and
growing incidents of lifestyle related illnesses, it makes sense to
invest in an insurance plan that covers such exigencies. Investing
in insurance is not only quite hassle-free, but it also provides for
projected living costs, education expenses and retirement benefits.
4. ▪ Save Tax
▪ Under Section 80C of the Income Tax Act, individuals have been
provided many tax reliefs such as tax free investments of up to Rs.
150,000. One of the tax saving plans options under this category is
life insurance. It is a known fact that a life insurance policy is the most
cost effective tool to provide financial protection to a woman’s family
in case of unforeseen eventualities. However, the quantum of life
insurance depends upon many factors such as income, expenses,
liabilities, goals etc. Term insurance may be a right instrument for
lump sum life insurance cover, whereas ULIPs are the best option for
steady and sustained investment with an investment goal of 10-15
years. Since, tax benefit is the inherent advantage which comes with
this product, she should consider this option only after analyzing her
needs. It is also important to know that for policies starting April 1,
2012 and later, Section 80C of the Act currently allows a deduction on
premium paid on life insurance policy only if the annual premium paid
is less than 10% of the sum assured.
5. ▪ In 2013, the limit of the annual premium was increased from 10% to
15% of the sum assured for persons with disability or severe
disability or suffering from diseases or ailments specified in the
Income Tax Act. Thus, for these people, if the annual premium paid
was up to 15% of the sum assured, the same could be availed as a
deduction below Rs 1.5 lakh tax limit under Section 80C.
▪ Another important option is for premium paid for health insurance.
Under Section 80D of the Income Tax Act, one can avail deduction of
up to Rs 15,000 for self, spouse and dependent children, while an
additional Rs 20,000 is available for parents above the age of 60
(who fall in the senior citizens category) on premium paid for a
health insurance plan.