Future Generali

How ULIPs by Future Generali India Life Insurance can help you save tax

Many people think life insurance is limited to offering a pre-decided amount on the death of the insured. But life insurance products like unit-linked insurance plans can help you save for long-term financial goals along with providing insurance cover. ULIPs are also an efficient tax saving tool. The tax benefits of ULIPs are:

  • The premiums paid for ULIP are eligible for a tax deduction of up to ₹ 1.5 lakh in a financial year under Section 80C of the Income Tax Act, 1961. The only condition is upto the premium which is less than 10% of the sum assured.
  • The amount received by the policyholder after maturity is exempted from income tax under Section 10 (10D). The only condition is upto the premium which is less than 10% of the sum assured.
  • A part of the premium paid for ULIP is used for insurance, while the balance is invested in equity, debt or other financial instruments. Generally, gains made through long-term investment in capital markets are taxed as long term capital gains. However, investments made through ULIPs in capital markets do not come under the purview of long term capital gains tax.

You can get ULIP tax benefits by investing in plans by Future Generali India Life Insurance. Along with tax benefits, ULIPs by Future Generali India Life offers a host of other benefits.

Future Generali Big Dreams Plan – UIN 133L081V02

  • Gives you an option to boost returns through extra allocation on each premium instalment
  • Has no administrative or allocation charges, which reduces expenses and increases returns
  • Helps in securing your family’s future with life cover
  • Offers flexibility of investment with three plan options
  • Allows you to switch between funds, giving you greater control over your wealth

Future Generali Dhan Vridhi – UIN 133L050V03

  • Provides a choice of 7 investment funds to match your risk profile
  • Flexibility to switch between funds
  • Partial withdrawal option to take care of urgent needs

Future Generali Wealth Protection Plan – UIN 133L036V03

  • Provides a comprehensive life cover equal to 7-30 times of the annual premium, basis age as chosen at inception
  • Loyalty additions to boost returns
  • Additional riders to improve protection
  • Choice of 7 investment funds Future Generali Bima Advantage Plus – UIN 133L049V03
  • Flexibility to choose policy term, the sum assured and other options like switching and redirection of premiums
  • Comprehensive coverage with investment aimed at medium to long term goals

With a wide variety of ULIP options from Future Generali India Life Insurance, you can save taxes, enjoy the protection of life cover and build a corpus all at once!

References:
https://economictimes.indiatimes.com/wealth/insure/long-term-capital-gains-tax-poses-threat-to-mutual-funds-are-ulips-the-answer/articleshow/63216901.cms
https://www.policybazaar.com/life-insurance/ulip-plans/articles/tax-benefits-of-ulips/

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