Kotak e-Term Plan
Kotak e-Term Plan provides a high level of protection to your loved ones in your absence.
Kotak E-Invest Plan
Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs.
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.
Kotak Lifetime Income Plan
Kotak Lifetime Income Plan gives you the security of your income continuing thru your life and in your absence throughout your spouse's lifetime!
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.
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Saving on your tax outflow becomes challenging when efficient tax planning strategies have not been incorporated at the beginning of the financial year. Understanding this, Kotak Life has curated an insurance guide to ensure that the right steps are taken for tax saving. In keeping with this tradition, we have enlisted efficient tax-saving tips for 2021
Investing in Insurance Policies to Secure the Life of Loved Ones and Save on Taxes:
While purchasing an insurance policy comes with numerous benefits, it is also one of the best ways to save income tax. Some insurance policies that help save taxes are:
Undertaking Planned Investments for a Comprehensive Financial Wellbeing:
Watering the tree of investments helps you reap its fruit when you most need it. Moreover, they help with saving taxes. Popular investment options include:
Claiming Tax Exemptions for Home Loans:
Another effective way to save on taxes is through home loans. Whether it is for construction or purchasing a new house, the principal and the interest paid each year of up to ₹1 lakh are eligible for tax exemption under Section 80C of the Income Tax Act. Unbeknownst to many, loans undertaken for the reconstruction and renovation of the house are also eligible for tax exemptions.
To conclude, incorporating the aforementioned strategies early-on, can help you ward off some of the tax burden. The most important tip is to not wait for the end of the financial year for tax-saving and ensure a steady, year-long investment strategy.
- A Consumer Education Initiative series by Kotak Life
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