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Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
Kotak e-Invest is a comprehensive Unit Linked Life Insurance Plan that can be customized as per your goals and needs - be it protection; investment; financial security for child or retirement planning.
Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and insurance cover against any eventuality.
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!
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.
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Section 80CCC of the Income Tax Act is a tax-benefit for individuals with taxable incomes - especially the ones that have an income that falls under the higher tax slab and they avail deductions that help them reduce their taxable income. It came into effect from the 1st April 1997.
However, before seeking the deductions under various heads and sub-heads, the earning professionals should briefly understand the difference between Section 80C and 80CCC of Income Tax. Eligible individuals can avail various deductions and limits under these two sections of the IT Act and use the benefits associated with them depending on the kind of investments and expenditures they have. As a citizen of India, the deductions under these sections, such as 80CCD and 80CCC, will reduce a person’s taxable pay and the subsequent assessment risk as well. The maximum limit for the deductible amount stands at ₹1.5 Lakhs.
Any person is qualified for tax on savings under sections 80C and 80CCC of the income tax act. However, Hindu Undivided Families (HUF) cannot avail these benefits. As per the Income Tax Department, a singular citizen is qualified to get these deductions up to ₹1,50,000 subject to the informed conditions. Further, the Central Board of Direct Taxes (CBDT) has referenced that the total amount of the deductions under Section 80C, Section 80CCC and Section 80CCD will not exceed INR 1,50,000, regardless of whether the assesse is a senior resident or a regular citizen.
80C |
80CCC |
Deductions upto ₹ 1,50,000/- on taxable income |
Tax deductions with respect to contributions made toward pension/annuity plans |
Only HUFs and individuals can file under this section. |
Only HUFs and individuals can file under this section. |
Tax on savings is a feasible option that safeguards earning individuals so that they can reduce their taxes and make beneficial and rewarding expenditures and investments. Deductions are a reliable option that give rise to savings opportunities for a better tomorrow.
- A Consumer Education Initiative series by Kotak Life
Kotak e-Term Plan is a pure term insurance plan that provides a holistic life protection at affordable prices. Find out the eligibility criteria, key ...
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