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Find out how you can save your taxes by investing in insurance policies.<br>
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Have you recently started on your career path? What are your savings plan? How much do you know about investment and insurances? How will your finances shape up, considering your lifestyle, after you retire?
Whether you have just started earning for yourself or reached your middle ages where you have your family that is financially dependent on you, you need to plan your future while taking into account factors like how much you earn, the family that needs you, your lifestyle, your expenditure, the medical needs, and more. There are several investment options where you can grow your wealth and insurances that will help secure your interests and those of your family’s.
Investing in properties, buying gold and other precious metals, investing in insurances are some of the ways you can go about helping build a financially secure future for yourself. Making savings and depending on that for your needs and emergencies while you are still working and for after retirement would be a folly.
When it comes to insurances, traditional forms like life insurance and term plans are purely meant for securing your life from challenges that may otherwise fracture your savings. Then other insurances like endowment plans and ULIPs allow you dual benefits of being insured and make investments in the same package. You get several other advantages like insurance tax benefits, additional riders, special discounts, and more.
Most of the insurance packages available today are perfect for your tax saving plans. Whole life insurance, term plans, endowment policies, ULIPs all get you insurance tax benefits. Even health insurance plans, whether for your individual needs or floater policies to secure the medical requirements of your family, get you tax benefits.
When you pay your premiums, your taxable income gets reduced thereby decreasing the amount you would otherwise have paid in the form of taxes. The tax benefits have been guaranteed by Section 80C, 80D and other of its subsections under Income Tax Act. Find out more about your rights when you buy your insurance. The policies of different companies may be different. Make all clarifications before you sign the final papers. There are tax benefit calculators available online that will help you get an approximate idea of how much you will save. These tax benefit calculators are easy to use.
But an important thing to know is that tax benefits are only just one of the advantages. The priority should be first on securing yourself and your family. An insurance product must not be bought simply to avail tax benefits. An insurance is meant to provide financial stability and care for the immediate needs that may arise. Only saving taxes must not be why insurance policies should attract you.
