Kotak Life
Close

Buy a Life Insurance Plan in a few clicks

Close

Now you can buy life insurance plan online.

Kotak e-Term Plan

Kotak e-Term Plan provides a high level of protection to your loved ones in your absence. Know more

Kotak Guaranteed Savings Plan

Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality. Know more

Kotak E-Invest

Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs. Know more

Kotak Health Shield

Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability. Know more

Kotak Lifetime Income Plan

Kotak Lifetime Income Plan gives you the security of your income continuing throughout your life and in your absence throughout your spouse's lifetime! Know more

Tax Deductions You MUST Know

Tax Deductions You MUST Know
  • 2nd Dec 2021 |
  • 848

Taxes are a very important part of the country, and as dutiful citizens, it is essential that we all pay our taxes on time. This is especially applicable to all the salaried people who qualify for tax payments. Additionally, there is a gamut of ways for tax saving as per the Income Tax Act, 1961. Thanks to these deductions, you can substantially reduce the amount of tax you have to pay, although it all depends on the kind of claims you make. In this article, we will talk about some of these exemptions and deductions.

Income Tax exemption under 80C

As per section 80C of income tax act, you can claim a deduction amounting to almost Rs. 1.5 lakhs every year. It also depends on the kind of investments you have made - for example - provident funds, life insurance, super annuity, etc. Additionally, there are certain subsections under section 80C deduction, namely - 80CCC, 80 CCD, 80 CCF, 80CCG.

Section 80CCC

This section allows you to claim Rs. 1.5 lakhs on pension schemes. It is applicable to individual taxpayers only.

Section 80CCD

As per section 80CCD, if you invest in pension schemes, you are eligible for tax benefits over and beyond the section 80C exemption, which is an additional tax deduction of up to Rs. 50,000.

Section 80CCF

This section is applicable to Hindu undivided families and individuals. As per section 80CCF, you are eligible for tax deductions if you have invested in long-term infrastructure bonds. Claims under this section do not go beyond Rs. 20,000.

Section 80CCG

Depending on your investments in equity schemes, you have to be eligible for the deduction under this section. A maximum of Rs.25000 can be deducted under section 80CCG

Income Tax exemption under 80D

As per section 10D of the Income Tax Act, the individual can avail tax deductions on the accrued bonus amount and the lump sum received on maturity/death benefit.

To put things simply, no matter how much you earn, you can save a significant amount on your taxes by planning your investments in a streamlined and strategic manner. With the above-mentioned deductions under section 80C, section 80D, and section 10D, there are endless possibilities that you can explore to bring down your tax payments. So, double-check your provisions, know your facts, and make the most of your tax deduction benefits!

Kotak e-Term Plan

Features

  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492

T&C

Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Is Life Insurance Investment Worthy Enough

Does Term Insurance Cover Accidental Death?

What Is the Correct Age to Buy Term Insurance?

Term Insurance Basics You Should Know

Buying A Term Insurance? Don't Ignore the Claims Settlement Ratio

How to Buy 1 Crore Life Insurance Policy Without Medical Test

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

Make Your Online Term Plan Your Family's Monthly Pay Cheque

Is ₹1 Crore Term Insurance Good Enough Cover?

Why Term Plan Should Be The First Step To Securing Your Future?

What Is a Renewable Term Insurance Policy?

Protection for your family

4 Reasons Why You Need Critical Illness Cover

What is a short term insurance policy?

How To Choose the Right Sum Assured Under a Term Plan?

How Much Term Insurance Do I Need

What is Form 16, Form 16 part A, Form 16 part B, Information Required and FAQs

Can I Get Term Insurance on Behalf of My Spouse?

Insurance Policy for Housewife In India

Is It Good To Buy A Term Insurance Plan In 2022?

Can Non-Resident Indians (NRIs) Buy Term Insurance In India?

Cost of Term Insurance Likely to Increase Soon

5 Things To Consider While Buying Term Insurance Plan

Key IRDAI Regulations That Changed Face Of Term Insurance Industry In 2020

Term Life Insurance Plan for Smokers vs Non-Smokers

What Should You opt for - Limited or Premium Pay?

Which Death Type Does Your Term Plan Not Cover?

Eligibility Criteria for Buying Term Insurance in India

Increasing Term Insurance and Riders

Top 3 Reasons Why You Should Buy A Term Plan Now

Term Insurance With Riders In India

Why Buying a Term Plan Is Smarter Than Traditional Life Insurance Products

Do I Need to Give a Medical Test for Term Insurance in India?

What are incremental term insurance plans?

Busting Myths and Facts About Term Insurance Policies

Should Youngsters, Working Couples Buy Term Insurance Plans?

Can Senior Citizens Avail Term Insurance?

What All Documents Required For Term Insurance In India?

What Are Insurance Riders and How to Choose Them in a Term Plan?

Importance of Term Insurance at Every Stage of Your Life

Reasons You Need Term Insurance Plan as a Self-Employed Person

Why is it important to buy term insurance plan?

Advantages & Disadvantages of Term Insurance in India

Term Insurance Plans and Policies for Smokers

What Types of Deaths Are Covered in a Term Insurance Plan?

Is term Insurance Needed for People With No Dependents?

How To Choose the Right Term Insurance Plan?

Why Should New Parents Buy Term Life Insurance?

Should You Have Multiple Term Life Insurance Policies?

Can I Extend the Tenure of My Term Insurance Plan?

How to Ensure That Your Term Insurance Claims Are Never Rejected?

Calculating Term Insurance Premium

What is Insurance Premium - A Detailed Guide

Everything About Claim Settlement Ratio for Term Insurance

Why Should You Buy Term Insurance in 2022?

What Should Be The Duration Of Your Term Plan in India?

Comparing Term Plans – What Should You Look Out For

Can I Make Changes to My Term Insurance Policy Post Purchase?

Individual Life Insurance vs. Group Term Life Insurance

What is Critical Illness Policy

Why does every working woman need life insurance?

Is a Term Insurance Policy Portable?

Can I Buy Term Insurance for a COVID-19 Patient?

How to Identify Term Insurance According to Your Needs?

Insuring Against Accidents with an Accidental Death Insurance Rider

Why Term Insurance Is Important in times of COVID-19?

What Happens to Term Insurance Plan With No Beneficiary - Kotak Life

All About Term Insurance Inbuilt Coverage

Steps on How to Buy Term Insurance Online

Does Your Term Insurance Plan Cover Death Due to COVID-19?

10-Year Term Life Insurance Policy - Explained in Detail

How to Surrender Term Life Insurance When you have No Liabilities

Can A Housewife Buy a Term Insurance Plan - All You Need to Know

Different Types of Premium in Term Insurance

Why Married People Should Buy Term Insurance Under MWP Act?

What are the Documents Required for Term Insurance Plan?

Ideal Features of a Suitable Term Plan - Act Now for a Stress-free Future

How To Calculate The Amount Of Term Life Insurance You Need?

Gift Your Father A Term Insurance Plan This Father's Day

What is a Joint Term Insurance Plan? Key Benefits of Joint Term Plan

How To Change The Nominee in Term Insurance?

Is Group Term Life Insurance Provided By Employer Sufficient?

How Much Term Life Insurance Cover Do I Need in India?

8 Things To Do After Buying Term Insurance

8 Benefits of Term Insurance You Should Know

8 Factors to consider before choosing a Critical Illness Insurance

Term Insurance: Smokers vs Non-Smokers

When is the Right Time to Buy Term Life Insurance Policy for Yourself?

All you need to Know about Term Insurance Plans for Housewives

Insuring yourself against Ill Health with a Critical Illness Rider

Do Beneficiaries Pay Taxes on Term Insurance?

Why should single women purchase term life insurance?

9 Most Frequently Asked Questions on Term Insurance

Know How to Invest at Every Age for Larger Returns

5 Benefits of Early Retirement Planning

Ensure Protection Against Death, Disease & Disability With Life Insurance

9 Ways to Help Family Members in Financial Trouble

Choosing Riders for Insurance Plans

How Does Term Life Insurance Work? Learn the Benefits

Term Insurance Age Limit – Term Plan for All Age Groups

What is the Right Term Period For Term Insurance Policy? Here's How You Should Choose!

Term Insurance with Critical Illness

Make Your Online Term Plan Your Familys Monthly Payout

Why Should You Add a Rider to a Term Insurance Plan?

5 Term Insurance Benefits for Single Women

Why Buy Term Insurance Plan With a High Cover?

Which Term Insurance to Choose: Lump Sum or Staggered Pay-out Plan?

How Not To Get Your Term Insurance Claim Rejected

What Happens if you Hide Facts in your Term Insurance?

Online vs Offline Term Insurance: Which Is The Better Option To Buy

Tax Benefits of Term Insurance in India

5 Reasons to Buy Term Insurance When You are in Your 30s

Term Plan with Spouse Cover

Term Insurance: What Happens When You Don’t Pay Your Premiums?

Endowment Plans vs Term Plans: Understanding the difference

How Much Cover Should I Take In A Term Plan?

What Is a Passive Income? Why Should You Use It to Buy a Term Plan?

Is There Any Tax Benefit on Term Insurance?

Advantages of Buying Term Insurance in Your 50s

Why Buy Term Insurance Even at Rising Rates?

Best Investment Plans for Children - Secure Your Child's Future

Tips to Choose the Right Term Period for Term Insurance Plan

Is Term Life Insurance Plan an Investment or Expense?

Why Term Insurance Is Better Than ULIP?

Do You Need Term Insurance Cover After Retirement?

What Are the Best Term Insurance Plans for Planning Retirement?

Why Should You Not Take A Term Plan Without Medical Test in India?

While Buying Term Insurance Compare Features, Not Just Premiums

Different Types of Protection Plans

Is it a Good Time to Buy Term Insurance During the COVID-19 Pandemic?

Why 1 Cr Term Plan Is Necessary For Family?

Why Premium Amount for Term Insurance is So Low?

6 Types of Death not covered in Term Insurance Plan

Term Vs. Whole Life Insurance: Which One You Should Buy in India?

Insuring Against Disability With Disability Insurance Rider

6 Reasons That Make Term Insurance a Must Buy

Planning For Children's Future

Term Insurance – Why You Must Include In Your Financial Planning?

How Does A Term Life Insurance Work in India?

Are The Add-ons and Optional Features of Term Insurance Plans Actually Beneficial?

Planning For Son or Daughter's Wedding

Buying A Term Insurance Plan? Take These Factors into Account

Difference between Term Insurance and Life Insurance

Term Plans are Definitely Cheaper than You Think!

Insuring Protection Against Death With Death Insurance Rider

Can You Increase Your Term Insurance Cover?

Why Surrendering Your Term Plan Policy In The Final Phase Maybe A Bad Idea?

Should You Buy a Term Plan After 40?

Understanding Term Insurance Riders

4 Things To Expect From Your Term Insurance Plan in India

Term Insurance: Most Common Term Insurance Myths Explained | Kotak Life

How to Compare Term Insurance Online

Term Insurance Calculator - Everythng You Need To Know

What is Term Insurance - A Complete Guide

Key Differences Between Term Insurance, ULIPs, And Health Insurance

4 Methods to Calculate How Much Term Insurance You Need

Can Term Insurance Plans Be Purchased As A Gift?