Under section 80C of the Income Tax Act, 1961, some investments and expenditures allow taxpayers to reduce their taxable income by up to ₹ 1.5 lakh in a financial year.
With Future Generali India Life Insurance, you can take maximum advantage of section 80C tax benefits by investing in an online term plan, ULIP or annuity plan. Let’s understand how you can maximise your tax savings with these Future Generali India Life Insurance products.
Future Generali Flexi Online Term Plan
Future Generali Flexi Online Term Plan is a term life insurance plan with unique benefits. Under this plan, the insured gets basic life cover and fixed or increasing income protection or a combination of all the three elements in a single term plan. Future Generali Flexi Online Term Plan offers life cover up to 75 years of age. Premiums paid under this policy are eligible for section 80C tax benefits if the premium is not more than 10% of the sum assured.
Future Generali Big Dreams Plan
Future Generali Big Dreams Plan is a unit linked insurance plan (ULIP) that provides you with life insurance protection, deductions under section 80c and excellent returns on your investment. The only condition is that the premium amount should be less than or equal to 10% of the sum assured
One of the unique features of the Future Generali Big Dreams Plan is extra allocation on your ULIP premium. If you pay your premium within the period, Future Generali India Life Insurance allots up to 7% extra units to your fund. Other benefits of this ULIP plan include zero allocation and admin charges, which again help you generate better returns on your investment.
Section 80C tax benefits eligibility
For these policies to be eligible for deductions under section 80C, it must meet the following terms:
- ULIP plans must be continued for at least 5 years
- Premiums have to be paid by cheque or online mode
- Premium paid in any financial year should not exceed 10% of the sum assured