Mr. Shreyas is a young professional, a software developer who earns about Rs.80,000 per month. He wants a plan that will offer insurance protection as well as tax savings option. In case something happens to him, he wants to ensure that his wife and children will be well taken care of. The solution? He probably needs a simple yet effective insurance plan that will offer him the opportunity to incur regular savings while offering life insurance against unforeseen events like death. In short, a policy that will allow him to grow his money, while availing protection for his family.
Here are some of the key tax deductions that can benefit him:
Tax deductions under Section 80C: Section 80C of the Income Tax Act provides provisions for tax deductions on a number of payments, from payments made towards life insurance policies to Tuition fees paid to educate your children.
Tax deductions under Section 10(10D): Under this section of the Income Tax Act, the amount of sum assured plus any bonus (i.e. the policy proceeds) paid on maturity or surrender of policy or on death of the insured are completely tax free for the receiver, subject of course to certain conditions.
Normally, life insurance plans only provide tax benefits under section 80C and 10(10D). However, there are some plans out there that offer benefits also under section 80D. This section permits deductions on amounts spent by an individual towards the premium of a health insurance policy.
Mr. Shreyas simply needs to do a little research to discover the various money saving plans available to him in the market, and he will soon be able to find a place that works for him and his family.
To know more about Term Insurance browse the website for various Term Plans offered by PNB MetLife
The aforesaid article presents the view or an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ before making any decision..
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