OneInsure Blog

tax-saving-2020
Tax

Nothing is certain in life except for death and taxes

 — Benjamin Franklin

Taxation has a poor reputation throughout the world. And with good reasons too, we must add. While some are fearful of taxes, others are wondering how best to avoid them.

At OneInsure, our approach is neither of these. In our view, taxes are to be embraced. Here’s why:

  • Laws for tax deductions in India are highly favorable
  • Tax-deductable investments are primarily focused on:
    1. Building wealth for the future
    2. Helping you protect your loved ones and yourself in case of adverse circumstances
    3. Incentivizing you to pay back your debts, such as home loans and education loans

In this article, let’s quickly look at tax-deductable investment options 1 and 2, which the wide and diverse world of insurance can help you with.

Let’s briefly look at some of the most popular investments to save tax under Section 80(C):

  • Life insurance premium payments
  • Unit-linked Insurance Plan (ULIP)
  • Public Provident Fund (PPF)
  • Employee Provident Fund (EPF)
  • National Savings Scheme (NSC)
  • Tax-saving Fixed Deposit (FD)
  • Equity-linked Savings Scheme (ELSS) Funds
  • Sukanya Samriddhi Yojana
  • Senior Citizens Savings Scheme (SCSS)

This is an informative article that lists all the deductions under Section 80(C) and contains detailed information about each.

Under Section 80(D), you can claim tax deductions against premiums paid for health insurance. This article will help you with all the details you need to know about Section 80(D).

At OneInsure, we encourage the following points when it comes to tax-saving investments:

  • Tax-saving avenues have to be legal and have a valid paper trail
  • Slow and steady tax-saving investments (monthly) are better than lump sum investments
  • Invest in instruments that give tax exemptions in as many stages as possible; the stages are:
    • Investment stage
    • Accumulation stage
    • Withdrawal stage

So, let’s create a better tomorrow with smart, affordable, tax-saving investments today.

Let’s look at one of the most popular investment tools among Indians – retirement plans. This is designed to continue for a long time and allow you to save tax while you get rich slowly and steadily.

Retirement Plans

Retirement plans help you plan and save today so you can have a non-dependent, secure tomorrow with no lack of funds. Investing in retirement plans is one of the most crucial decisions you will take in your earning life. Here are some benefits:

  • Premiums paid come with tax benefits under Section 80(C)
  • Pay-outs you receive from retirement plans come with tax benefits under Section 10(10D)
  • Flexibility to choose the premium-payment term that is convenient for you, including monthly
  • Retirement plans are structured in such a way that they ensure continuity of investments
  • Small savings turn into a huge corpus by the time you retire due to the magic of compounding
  • Flexibility to choose between lump sum pay-outs, monthly pay-outs, or a combination of both

Don’t delay tax-saving investments until it is too late. Contact OneInsure today in case of queries.

M – 86559-86559 | E – support@oneinsure.com

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