How to Save Taxes in Insurance with the Future Security | PolicyBazaar

Описание: Most financial planners would suggest you manage your finances by buying a health and life insurance plan. It has so many benefits and ultimately helps you in saving your tax.

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You must have adequate coverage for your health insurance plan and if you are considering a life insurance plan then it is one of the best things for your future. It will definitely help you in achieving certain goals. The premium, which you pay for your health insurance plan every year will make you eligible to save your tax. It will help you in reducing your taxable income and tax liability. The core objective of buying a health insurance plan is to get protection. Many health insurance companies are there, who helps you to get the best health plans. The premium paid towards your health insurance plan qualifies you for deduction under Section 80D of the Income Tax Act.

Yet another Section comes into the light, Section 80C, the premium amount which you pay towards your life insurance plan falls under the same. The maximum limit for tax deduction eligibility is Rs.1,50,000/- and it is applicable for the premium amount, which you pay every year.

As per Section 80C, the premium amount, which you pay towards your life insurance plan goes up to the maximum limit if Rs.1,50,000/- and is eligible for tax deductions. The premium amount has to be paid every year on time. Section 80C is the most popular tool to save your tax. The yearly premium, which you pay should not exceed more than 10%.

Under Section 80D, you can easily claim a deduction of Rs. 25,000 on your insurance for self, your spouse and dependent children. Also, an additional amount of Rs. 25,000/- is available for your parents, if they are less than age 60 years, which makes the total amount of Rs. 50,000/-. If your parents are above age 60, the deduction amount would be Rs. 50,000/-. Also, for your information, if the taxpayer and parents are above the age of 60, the maximum deduction available under Section 80D is Rs. 1 lakh (50k + 50k).

Now, as we know that NRIs can buy a life insurance policy in India. It allows them to buy any life insurance plan and meet their requirements. Along with that, they can avail themselves of the tax benefits too. As per Section 80 of the Income Tax Act, 1961, NRI can claim for the claim deduction up to Rs. 1,50,000/- per annum for the premium amount you pay towards your life insurance plan.

So, plan your health insurance and life insurance plans smartly and save yourself as well as your tax. Policybazaar. com is always there to assist and guide you to get you the best health insurance and life insurance plan.

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