Kotak Assured Savings Plan
A plan that offer guaranteed returns and financial protection for your family.
Kotak Guaranteed Savings Plan
A plan that offers long term savings and insurance in one premium.
Kotak Lifetime Income Plan
Retirement years are the golden years of life.
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Ref. No. KLI/22-23/E-BB/492
Ref. No. KLI/22-23/E-BB/490
According to the Union Budget 2023, only life insurance policy income with a premium of up to ₹5 lakh will be free from taxation. Read ahead to know all about it.
Understanding Policy Premiums, Maturity Amount, and Tax Rules
The Union Budget 2023 is a comprehensive report that covers all aspects of the economy, including tax policies, public spending, and revenue generation.
In this year’s budget, the government has proposed significant changes in the tax exemption policies above ₹5 lakhs annually. This move has created a lot of buzz in the financial and tax circles as it is likely to impact the income of a large section of the population. In this article, we will delve into the details of the proposed changes and analyze their impact on individuals earning above ₹5 lakhs.
Life insurance is a crucial financial tool for ensuring the financial security of one’s family. With the recent Union Budget 2023, there have been several changes in the tax rules and exemptions for life insurance policies.
As per the new proposal, the premium paid for life insurance policies with a sum assured of more than the premium for ₹5 lakh life insurance will be exempt from taxation under Section 80C of the Income Tax Act. This will help in providing tax relief to individuals who invest a significant amount in life insurance policies and also make such policies more attractive for people who are looking for long-term investment options.
Ref. No. KLI/22-23/E-BB/999
Ref. No. KLI/22-23/E-BB/490
