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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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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