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Personal InvestmentsTax Saving

Tax Saving Investments

When investing for tax, invest in the right way

Tax Planning is not only about choosing options that help you cut down on your taxes but also prove to be good investment for the future. So when investing for tax, it's important that you invest in the right way.

It's important that you manage your finances more smartly & choose the tax saving products that give long term benefits like Wealth Creation & financial security.

Here's a look at the some of the tax saving instruments and the long term benefits that they give you:

Instrument	Benefit	Section under which tax benefit is eligible
Life Insurance	One should consider a life insurance cover, especially if there are dependents and/or there will be an additional member in the family soon. One should look at an insurance cover, which could initially be a basic term cover (which would be available at a lower premium rate, considering the age). Post-marriage, one can go in for another policy that can provide for the enhanced requirements of family.	Amount paid upto Rs.1,00,000 as premium of life insurance policy is eligible for deduction under Section 80(C). Proceeds or withdrawals from life insurance policies are exempt from tax under Section 10 (10D). Maximum possible deduction available is Rs.30,990
Child Plans	Child Plans are instrumental in building a corpus for the child's future needs like education, marriage, setting up a career, etc.	Amount paid upto Rs.1,00,000 as premium of life insurance policy is eligible for deduction under Section 80(C). Proceeds or withdrawals from life insurance policies are exempt from tax under Section 10 (10D). Maximum possible deduction available is Rs.30,990
Health Insurance Plan	Health insurance is extremely important for all individuals to protect themselves from the financial burden of a medical emergency.	Amount paid upto Rs.15,000 as premium of health insurance policy is deductible under Section 80(D). An additional deduction of Rs.15,000/- is allowed if premium is paid for medical insurance of parents. If parents are senior citizens, then the deduction applicable is Rs.20,000. So maximum possible deduction available is Rs. 35,000.
Mutual Fund Equity Linked Saving Scheme	One can opt for an equity-linked savings scheme for the equity portion.	Investments made under Equity-Linked Saving Schemes are eligible for deductions under Section 80(C). The limit under this section is Rs.1,00,000. The maximum possible deduction available is Rs.30,990.
Mutual Fund Schemes	Investments in diversified equity schemes are not eligible for tax benefit.

Disclaimer

Risk factors and Warning Statements: Axis Bank Ltd., Life Insurance, General Insurance and Mutual Funds Equity Linked Saving Scheme are the names of the company and the product categories respectively and do not in any way indicate the name, quality of the products and future prospects or returns. In this policy, the investment risk in investment portfolio is borne by the policyholder. Investment in ULIPs is subject to risks associated with the capital markets. The policyholder is solely responsible for his/her decisions while investing in ULIPs. The contract of insurance is between the insurer and the insured. For more details on risk factors, terms and conditions please read sales brochures carefully before concluding a sale. Tax-benefits are as per prevailing Income Tax laws. All charges applicable shall be levied. Insurance is the subject matter of the solicitation. Mutual Fund investments are subject to market risks. Please read the offer document carefully before investing. Past performance may not be indicative of future returns. Tax saving calculation has been made for customers having net taxable income of Rs.10 lakh and above.