INVEST IN THESE INSTRUMENTS BEFORE THIS FINANCIAL YEAR IS OVER – TAX SAVING FOR A.Y. 2018-19
- Blog|Income Tax|
- 3 Min Read
- By Taxmann
- Last Updated on 23 September, 2021
1. Life Insurance:
2. Term Insurance – Pure Life Cover:
A term insurance is much like a life insurance policy that offers a death benefit after a fixed period or term. The premiums are generally flat, ranging from 5 years to a maximum period of 30 years. After the end of the term policy, the insurance does not provide the benefits. A common feature of term insurance is that no cash accumulation helps in keeping the costs low relatively. If you are taking the cover of term insurance, make sure to use the term insurance calculator to calculate your premiums and increase your cover benefits. Term insurance will guard you against any unforeseen event and prepare you to face them without tension. It is perhaps the easiest way to secure the future of your near and dear ones.
3. Endowment Plans – Life Cover with a Maturity Value:
4. Health Insurance:
This kind of insurance helps the policyholders to combat the unexpected medical or surgical expenses. The insurer typically reimburses the expenditure for a accident, illness or injury case. In some cases, the insurer makes payments directly in favour of the insured. A person who wants to invest in health insurance plans has got an estimation done for the overall health risk at first. Thereafter, the insurer can build up a regular finance structure for the payment of premiums either on a monthly or payroll tax basis. Health insurance can be availed for one person or a group, such as family, employees of a company. Health insurance premium allows you a deduction of up to Rs. 25,000, when bought for self, spouse and kids and an additional Rs. 30,000 if you buy a health policy for your parents too.
5. Wealth Plans:
Author Bio: This article is written by Varsha Channa, Finance Blogger. She grew up in Delhi, India and graduated from the University of Delhi. She has been a keen Finance blogger from 5 years. She likes to read and learn about Finance through various ways
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