[ad_1]
The current financial year (FY23) is about to end with this month itself. After this, the season for filing Income Tax Return will begin. In such a situation, taxpayers are looking at various measures to save income tax. The number of such taxpayers is very high, who have not yet taken measures to save tax. Now most of such taxpayers are opting for term insurance to save tax. Although term insurance has many other benefits (Term Insurance Benefits)…
First of all let’s talk about income tax. Taxpayers get the benefit of many types of exemptions and deductions under the Income Tax Act. Section 80C of the Income Tax Act also provides tax saving facility on term insurance. Taxpayers can save up to 1.50 lakh tax by buying term insurance.
Death benefit also tax free
The tax benefits of term insurance are not limited to this only. If something untoward happens to you, term insurance provides protection to your dependents. Under this, the policy nominee gets the death benefit. Whatever amount the nominee gets in this way is also completely tax free. For this, measures have been taken in section 10C of the Income Tax Act.
necessary for future planning
If you want to make your future secure, then term insurance is helpful in this too. Term Insurance Plan becomes very important in preparing future planning. It not only ensures the safety and security of the future, but also reduces the load of premium. It is less expensive than normal life insurance. Although its benefits are also different in comparison to life insurance.
Reduce premium in this way
As you have been told, the premiums of term insurance plans are less as compared to normal life insurance plans. You can reduce the premium of term insurance even further. The younger the term plan is taken, the lower the premium. If you are 18 years old now and take a term plan of one crore for 60 years, then such products are available for you with a monthly premium of less than thousand rupees. With increasing age, the premiums for term insurance also tend to increase.
very important for those
Term insurance becomes very important for those people who have taken a long term loan. Especially those who buy a house by taking a loan are necessarily instructed to buy term insurance. In such a situation, term insurance equal to the loan amount is necessary. It guarantees the security of a roof over the heads of your dependents in case anything untoward happens to you.
read this also: Saving money in these ways while building a house will be expensive, do not make this mistake even by mistake
[ad_2]
Source link