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Tax Savings and ULIPs: The Vital Link to a Wealthier Tomorrow

You may think that it’s too early for you to invest in retirement plans or even endowment plan. But did you know that you can save up to 1.5 lakhs a year on income tax by investing in the right endowment plans.

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Tax Savings and ULIPs: The Vital Link to a Wealthier Tomorrow

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  1. How to save money by saving on tax

  2. Your twenties are the best time of your life. You have very little to worry about, your life is just taking off and you’re open to exploring new opportunities. But this is also the time to invest and kick start your wealth creation. Disposable income is in abundance for most twenty something’s, with many employment opportunities and handsome packages.

  3. Although it’s important to enjoy your life in your twenties, it’s also the right time to start saving for your future. You may think that it’s too early for you to invest in retirement plans or even endowment plan. But did you know that you can save up to 1.5 lakhs a year on income tax by investing in the right endowment plans.

  4. Some Endowment Plans That You Can Invest in and make money

  5. Unit Linked Investment Plan (ULIP) • ULIPs are a great way to invest your money. • They provide insurance cover as well give you returns through equity. • This plan provides life risk coverage. • It can provide between 5-11% returns, but they are not guaranteed. • The ULIP should be held for a minimum duration of 10-12 years to seek maximum returns.

  6. Life Insurance Plan • Life insurance plans are an investment everyone should make. • It is the first step to your financial planning. It should be treated more as an investment than an insurance policy. • When choosing life insurance one should opt for term insurance as it comes with low risk and high coverage. • A life insurance premium is something you should add to your monthly saving plan. The life insurance claim that you receive on maturity of the policy is tax free.

  7. ELSS Tax Saving Mutual Fund • They offer the highest returns compared to any other tax saving investment plan in the country. • The returns are not guaranteed but if you can afford to take some risk, your earnings can range between 12 – 15%. • You can even opt for the dividend scheme and earn regular income from your investment.

  8. Public Provident Fund • This fund provides maximum tax saving benefit for the people. • The interest rates are updated by the government on a yearly basis. Most banks offer a PPF facility for its customers. • This scheme ensures maximum tax saving benefit for its users. At the moment the government allows around 8% interest in PPF.

  9. Thank You

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