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What are Savings Plans? Why Should You Have One?
Additionally, the maturity amount received is tax-exempt under Section 10(10D) , provided certain conditions are met, such as the premium not exceeding 10% of the sum assured for policies issued after April 1, 2012.
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The One Habit That Changes Everything: Monthly Savings Plan
Provides You Tax Savings Options: Monthly savings plans qualify for tax benefits under the Income Tax Act, 1961 . Premium payments are eligible for deductions of up to ₹1.5 lakh under Section 80C. Additionally, the maturity amount and death benefit may be tax-exempt under Section 10(10D), subject to conditions. This means you grow your savings as well as reduce your annual tax liability. These benefits make monthly savings plans a smart choice for individuals seeking financial growth while optimising their tax obligations legally and effectively.