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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Financial planning is essential because it not only helps you make the most use of your money through sound investment decisions but also allows you to live the life you choose. A smart financial plan also teaches and assists you in saving money on taxes, which is one of its elements.
There is no doubt that saving money on taxes is at the top of everyone’s priority list; nevertheless, it is critical to use legal means to achieve your tax-saving goals and what comes to the rescue is a tax saver plan. A tax saver plan is where legal routes towards income tax savings sections come into play. One of the most prominent income tax savings sections is section 10D of Income Tax Act.
Section 10D of the Income Tax Act, 1961 pertains to the taxability of claims under which accrued bonuses or death benefits are exempted from tax. An individual can claim a tax exemption on the principal amount and accumulated bonus (if any) obtained through a life insurance tax saving claim under this section.
Terms and conditions regarding section 10D
Any money received from an insurance provider under a life insurance policy is liable to TDS (Tax Deduction at Source) at 2% under section 194DA of the Income Tax Act, 1961, unless the amount is exempted under section 10 (10D) as insurance tax benefits. This signifies that the TDS will not be applied on policy proceeds exempted under section 10(10D). Furthermore, if the earnings are taxable under section 10(10D) and do not exceed Rs 100,000, the insurer is not required to pay TDS.
Section 10D establishes life insurance as a genuine tax saver plan, and the benefits of insurance policies have been no secret. So, to strike two birds with one stone, get tax deductions and secure your family’s future with a life insurance policy.
- A Consumer Education Initiative series by Kotak Life
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your ...Know more