Different types of Tax Savings Plan

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Life insurance policy plays a vital role in an individual’s financial portfolio which offers security to an individual’s family in case of uncertainty. Various types of life insurance policies are offered in the market by the insurance companies. Life insurance plans offer tax benefits to the policy holders.Click to know more https://www.bajajallianzlife.com/save-tax.jsp

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Different types of Tax Savings Plan :

Different types of Tax Savings Plan

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All of us have a tendency to start planning for a better future. It is always wise to start investing in the early period of the financial year so that one gets an idea on choosing a tax savings plan. By investing early you also avoid the chances of making decisions in haste. The major mistakes investors make is that they invest just for the sake of availing the tax benefits. While working on tax savings plan always seek for a maximum tax savings, minimum related risk. The cost of investment should also be considerably low so that plan is affordable and also gets you substantial returns. Hence, savings plan are an important part of financial planning. Here are a few options of the best tax savings plans and options that can help an individual meet the financial goals as well as avail tax benefits:

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Life insurance: Life insurance policy plays a vital role in an individual’s financial portfolio which offers security to an individual’s family in case of uncertainty. Various types of life insurance policies are offered in the market by the insurance companies. Life insurance plans offer tax benefits to the policy holders. Premiums paid are covered under section 80C of the Income Tax Act of India. Pension plan: They are similar to life insurance, but have a different objective. Pension plans provide protection to the family of the individual and the individual himself when he lives on. The amount is tax free on the death of the beneficiary.

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Mutual funds: Investments made in mutual funds can also help you avail tax benefits. Mutual funds are investments made in the stock market, depending upon the risk appetite of the investor. Investments are locked in for three years under tax saving mutual funds. ULIPS: ULIPs provide dual benefits of life cover and return on investments made in the market.. As an integrated tax saving plans the protection part and the investment part can be set as per the needs of the individuals.

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Child plans: As a caring parent you would always want your child’s future to be secure so that he can fulfill his dreams and lead a successful life. Child plans are insurance cum investment policies that have dual benefits of safeguarding the child’s future and also finance the important goals of his life like higher education or setting up of business. Tax Saving Investments help you in the creation of wealth and achieve financial freedom in life.

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Click to know more on Tax Saving Investments : https://www.bajajallianzlife.com/save-tax.jsp :

Click to know more on Tax Saving Investments : https://www.bajajallianzlife.com/save-tax.jsp Thank You..!!

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