Tax benefits are desirable for a large section of investors, and you must be no different! In fact, they are one of the main objectives behind several investments, especially in the current scenario. When it comes to your financial planning goals for 2023, you can consider investing in insurance to maximize your tax benefits. Be it a health insurance or a life insurance policy in India, here is a guide that will help you chalk out this new investment journey in 2023. Do note that these deductions are only available if you are paying your income tax as per the old tax regime. The new regime introduced in 2023 does not allow for any deductions.
You can get a double benefit in the case of investing smartly, by which you can accumulate wealth for the future, along with gaining higher tax deductions simultaneously. Here are the insurance investments that will pay off greatly this year in terms of scaling up your tax deductions:
Now that you know about the tax deductions that you can get with insurance investments, it is better to act quickly in order to secure your family’s financial future in varied situations and make your portfolio more tax efficient as well. Here is a look at some other investments that you can consider later once you have got basic insurance coverage sorted. They may also help you save taxes and maximize the deduction limits under Section 80C.
If your insurance investments are insufficient to maximize your tax benefits under Section 80C, you can also consider a few other investments. They include the following:
One of the best options to save tax is by opting for tax-saver fixed deposits. They come with fixed lock-in periods and are eligible for tax deductions under Section 80C.
It is a scheme promoted by the Government and is backed by guaranteed returns. It is a good path to diversifying your investment options. The annual limit for investments is Rs. 1.5 lakh, and the deductions are the same under Section 80C. The lock-in period is 15 years, and you can extend this later on if you wish.
It is an equity-oriented scheme that invests in various equity and other instruments through funds. It offers tax deductions of up to Rs. 1.5 lacs under Section 80C of the Income Tax Act of 1961. The lock-in period is three years.
This is another option to get higher tax benefits. You can save up to Rs. 15 lacs in the same, and it gives you tax benefits as well. The minimum deposit amount is only Rs. 1,000. However, this is only applicable if you are a senior citizen.
However, all said and done; it is always wise to first secure your family financially and gain more tax benefits by adding insurance to your portfolio. Once you have adequate life and health insurance in your kitty, you can consider other options to maximize your tax benefits if needed. ULIPs (Unit Linked Insurance Plans) are hugely versatile options in this regard since they can get you both life coverage and returns from investments. Staying invested in them for the long haul can also help you beat inflation and achieve future goals. At the same time, term insurance ensures sizeable pure life coverage, which works as a major financial safety net for your family in future years. So do not wait. Get the right insurance plans for tax benefits and financial security today!
Slot machines, often dubbed the "one-armed bandits," have a rich histo... Read More
International education comes with a lot of perks. But to avail them you need to... Read More
Understanding TheLotter TheLotter, a leading provider of online lottery ticke... Read More
In the landscape of employee benefits, Group Mediclaim policies stand out as a c... Read More
In logistics and transportation, a good truck driver is the unsung hero who keep... Read More
Are you on the hunt for a new way to spice up your online posts? Look no further... Read More
Today, Flow control valves are commonly found in many systems and devices where ... Read More
Employee absenteeism can be a major problem in any business. Unscheduled absence... Read More
Moving your items in portable containers is an economical and efficient option. ... Read More
Our experts at TaxAct will help you understand your tax obligations as a truck d... Read More
To obtain a CDL license, you should first go through training, assessments, and ... Read More
For most individuals, CBD oil is a natural alternative to prescription pills. St... Read More
It is important to find not only a beautifully decorated, but also reliable Auss... Read More
Casinos and other gambling venues are getting more and more popular each year.... Read More
In today’s time, whether you are at home, at work, or are traveling to som... Read More
Whenever talking about the construction industry, everyone agrees that it is dan... Read More
Entrepreneurs and small business owners always have several things to know about... Read More
Vaping is becoming a common occurrence amongst many people across the world. Som... Read More
For anyone who is enthusiastic about DIY, you’ll know that the garage is n... Read More
There has been an intense and extended debate over the years regarding the impac... Read More
The United States has been experiencing an alarming decline in the number of its... Read More
Mathematics contains a concept that is related to shapes. Students show their in... Read More
Extracted from cannabis plants, CBD has proved to be immensely helpful in variou... Read More
A series of tips and tricks to make the best use of the air conditioner that wil... Read More
Throughout your life, you make a number of big purchases. Buying a house is a hu... Read More
CBD or cannabidiol is a non-intoxicating component of the hemp or marijuana plan... Read More
At the time of finalising the deal with private student accommodation Edinb... Read More
Owning and managing a business can throw up a myriad of issues, and the coronavi... Read More
With the emergence of 2020, the digital market is experiencing the boom period. ... Read More
Couples in recent times spend hours and hours finding a wedding stage decoration... Read More
After you have been in an accident or experienced injuries due to the carelessne... Read More
For the private and public vehicle driver there is necessary to have the insuran... Read More
Lighting is something that plays an essential role in setting up and making your... Read More
Car rent service is defined as the agency which rents the automobiles usually fo... Read More
Massage is the therapy of your body and it helps to break up the scar tissues. M... Read More
You want to drive something good and older that you wishing had the actual car t... Read More
Have you ever wondered if there are any jobs that seem to have higher divorce ra... Read More
Government of Gujarat have announced gift to all employees of Gujarat govt where... Read More