Tax-saving is an important part of financial planning.

An intelligent tax-planning strategy can serve the dual objective of helping individuals meet their financial goals and save tax in the process. Life insurance, be it traditional endowment or market-linked ULIP , offers tax benefits to policyholders on the premiums paid. Premiumspaid towards life insurance are covered under Section 80C of the Income Tax Act up to a maximum of Rs 1.

They serve a different end-objective from other insurance plans like term plans and endowment plans — which are called protection plans. Contributions towards pensionare covered under Section 80CCC sub-section under Section 80C of the Income Tax Act.

The aggregate limit of deduction under all the sub-sections of Section 80C cannot exceed Rs 1. Mediclaim also covers pre and post-hospitalization expenses, subject to the sum assured.

Insurance premium upto Rs 20, for senior citizens and Rs 15, for others is eligible for tax benefit. NPS The NPS or the New Pension Scheme is regulated by the Pension Funds Regulatory and Development Authority — PFRDA. Any citizen of India over the 18 — 60 years age bracket can participate in it. It is extremely cost effective since fund management charges are low. The fund managers manage the money in three separate accounts having distinct asset profiles viz.

Equity E , Corporate bonds C and G Government securities G. Investors can choose to manage their portfolio actively active choice or passively auto choice. Contributions made to the NPS are covered under Section 80CCD of the Income Tax Act. The aggregate limit of deduction under this section along with Sections 80C, 80CCC cannot exceed Rs 1. Given the range of options, NPS is particularly useful for individuals, with varying risk appetites, looking to set aside money towards retirement.

Tax-saving mutual funds Investments in tax-saving mutual funds, also known as equity-linked savings scheme ELSS , qualify for tax benefits. Tax-saving mutual funds invest in stockmarkets, among other assets, and are more suited for investors with medium to high risk appetite.

Income Tax Deductions FY / AY : Details

Investments are locked in for three years. Investments towards tax-saving mutual funds are covered under Section 80C of the Income Tax Act up to a maximum of Rs 1.

Mon-Sat 10 am to 7 pm Local Charges Applicable. DO NOT prefix any country code e. Our vision is to provide innovative and customer-centric insurance plans that can help our customers secure their family's future as well as help them with other benefits such as tax savings.

Keeping this in mind we offer a large range of life insurance plans such as term insurance plan , women's plan , health insurance plans , pension plans for retirement planning , child education plans , ULIPs , saving and investment plans. Most of these life insurance policies are available online, so buy one today and Sar Utha Ke Jiyo!

HDFC Standard Life Insurance Company Limited. In partnership with Standard Life Plc. HDFC Standard Life Insurance Company Limited, Lodha Excelus, 13th Floor, Apollo Mills Compound, N.

Joshi Marg, Mahalaxmi, Mumbai For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale. Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur.

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Please fill in the form below before starting the chat. My Account Quick Pay Make a Claim Customer Information Center Demat. HDFC Life announces the launch of their new Online Term Plan C2P 3D Plus. DOWNLOAD APP Hassle free premium payments options. Avail our multiple easy payment options. AVAIL NOW New feature now available for easy claims. KNOW MORE Your policy is now easy to manage.

Online option available to edit your details. EDIT DETAILS HDFC Life Insurance App is a one stop solution for all your life insurance needs. Special Plans for NRI EXPLORE NOW Protect your loved ones with life insurance cover of Rs 50 lakh.

BUY NOW Demat your life insurance policies with HDFC Life. Mail CRM Goal ESS Employee Self Service. Goal Consultants Partner Portal-FC. HDFC Life Click 2 Protect 3D Plus NEW HDFC Life Easy Health HDFC Life Click2Invest - ULIP HDFC Life Cancer Care TOP SELLING HDFC Life Click2Retire Resume Application. My Account Quick Pay Online Claims Fund Performance Contact Us. Get financial cover against illness and protection for your family in your absence.

Provide financial stability to your family in form of monthly payouts even in your absence with additional protection against illness. View All Online Plans. Exclusive Online Pricing - Buy Now. NAV Latest and historic NAVs of our unit-linked funds.

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Tax Saving Investments Options: Tax Planning & Tax Saving Tips | The Economic Times

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IRDAI clarifies to public that 1.