You can save tax with term insurance plans, Unit Linked Insurance Plans (ULIPs) and Health Insurance plans provided by Future Generali India Life Insurance while providing an active layer of financial protection for your family. The amount invested in such tax saving plans qualifies for deductions under various sections of the Income Tax act 1961.
Here’s a breakdown:
- The premium amount paid for a health insurance policy is eligible for exemption as per Section 80D
- Individuals below 60 years of age can claim ₹ 25,000 for self, spouse or children, and ₹50,000 for parents 60 years and above
- A benefit of ₹ 1 lakh is available if both the taxpayer and his or her parents are above the age of 60
- You can save tax with Future Generali Heart and Health Insurance plan that protects against 59 critical illnesses or the Future Generali Cancer Protect Plan that assists right from the diagnosis of minor to major stage cancer
- Both tax saving plans offer flexibility to choose the coverage as per your age and other conditions
Life insurance and ULIPs
- Premiums on policies qualify for a deduction as per Section 80C, while the maturity or surrender value (fund value in the case of ULIP) is exempted under Section 10(10D) of the Income Tax Act 1961 (subject to certain conditions)
- An individual can claim a maximum of ₹1.5 lakh as 80C tax deduction towards the premium amount in a financial year. The only condition is that the premium should be less than 10% of the sum assured. There is no upper limit for tax exemption according to Section 10(10D)
- You can save tax with Future Generali Flexi Online Term Plan which provides life cover upto 75 years of age and has multiple death benefit options and riders to choose from
- ULIPs are tax saving plans that offer the double benefit of investment and insurance. They allow a choice of policy tenure, premium amount and mode, as well as the ability to switch from one fund to another and make partial withdrawals
- Create wealth, nurture your family’s dreams or choose to retire smart with the Future Generali Big Dreams Plan that comes with zero fund allocation or administration charges along with a systematic partial withdrawal option.
Choose from various funds with varying levels of risk that invest in a mix of debt, equity or both with the Future Generali Wealth Protect Plan that comes with life cover up to 30 times the yearly premium and guaranteed loyalty benefit on the maturity amount. Or pay limited premiums and enjoy longer life cover and financial protection with Future Generali Dhan Vriddhi.