Now you can buy life insurance plans completely online right here.
Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
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Tax planning and financial planning are two commonly used terms. Planning your taxes and finances support the fulfilment of your financial objectives. Thus, both can aid in selecting the most suitable investment option for your needs. However, there exists some difference between tax planning and financial planning. It is essential to understand this to make informed investment decisions.
How does a financial plan work?
You can plan your finances better by following the steps given below.
How does a tax plan work?
Tax planning involves assessing your investments from the viewpoint of taxation. It thus helps you in reducing your tax liability. A reduced tax burden can also contribute to your disposable income. You can make use of the tax saved towards making investments or meeting other necessary expenses. Tax planning consists of three types:
Difference between tax planning and financial planning
Given below is a tabulation of the key points of differentiation between tax planning and financial planning.
|Particulars||Financial Plan||Tax Plan|
|Professionals who can help||Financial Advisor||Tax Planner|
|Objective of planning||To have sufficient funds for various purposes like purchasing real estate, covering the costs of higher education or children’s marriage, retirement planning, etc.
Moreover, saving tax can also be a part of financial planning. It aims to reduce your tax liability.
|It aims to reduce your tax liability|
Financial planning and tax planning with Kotak
Certain investment avenues aid dual planning benefits of tax and financial planning. For example, Kotak Life Insurance offers savings and investment options with multiple benefits. Here are some of the advantages
As you can see, buying an insurance plan benefits in financial as well as tax planning.
- A Consumer Education Initiative series by Kotak Life
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