Whether you are an individual or a family, the process of planning for taxes looks different for everyone. This is because, financially speaking, every person or family has different priorities and different orders for how they arrange these priorities. To aid you in your choice, here are some of the most common priorities mapped with the relevant tax saving plan by Future Generali India Life Insurance:
- Financial security: As a financial provider, your priority might be to safeguard your family’s finances in the event of your unfortunate demise. In such a case, the variety of term plans by Future Generali India Life Insurance are perfect. They also come with tax-saving benefits. The premiums paid towards the insurance are eligible for deductions under Section 80C of the Income Tax Act 1961. Also, the death benefit paid to your beneficiary will be exempted from taxation.
- Wealth creation: If your current priority is to generate wealth through investments, you can invest in one of the many ULIPs offered by Future Generali India Life Insurance. These plans provide equity-linked wealth creation while also providing life coverage. Investments in ULIPs are eligible for deduction under Section 80C. The only condition is that the premium amount should be less than or equal to 10% of the sum assured. Moreover, under Section 10(10D), the maturity benefits of ULIPs are also exempted from taxation. ULIPs are among the few market-linked investment products that remain outside the range of the Long Term Capital Gains tax, which gives them a unique advantage.
- Health concerns: If providing coverage for an illness or medical condition is a priority for you, you should consider availing one of the critical illness insurance plans offered by Future Generali India Life Insurance. The Future Generali Heart and Health Insurance plan, for instance, provides coverage for 59 critical illnesses under it’s fourth option. Also, the premiums are eligible for deductions under 80C and Section 80D. Deductions can be claimed by the insured for himself, spouse, children or parents.
- Saving for your child’s future: If your priority is to save for your child’s education and other future needs, the right tax saving plan for you is the Future Generali Assured Education Plan. Not only does this insurance plan provide payouts for your child’s future, but also provides tax benefits under Sections 80C and 10D.
- Retirement planning: Lastly, if your priority is to prepare for a comfortable post-retirement life, you can consider investing in retirement plans offered by Future Generali India Life Insurance. Investing in these pension plans provides tax benefits under Sections 80C, 80CCC as well as 80CCD.
Therefore, whatever your current priority in life might be, you are sure to find the perfect tax saving plan for you at Future Generali India Life Insurance.