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How Does a Life Insurance Policy Benefit You Save on Taxes?
Discover how life insurance can help reduce your tax liability. Explore various tax-saving benefits to enhance your financial planning. July 19, 2024 7 minutes read
How Does Life Insurance Help in Tax Saving?
Learn how life insurance helps you save tax under Sections 80C, 10(10D), 80CCC & 80D to maximise your benefits. July 31, 2026 7 minutes read
3. Tax Benefits under Section 80D
These are the different tax benefits available to individuals paying premiums on life insurance policies. Tax benefits are a major reason why life insurance makes for a good investment instrument, both while the policyholder is alive and even after their death. Opt for the iSelect Smart360 Term Plan, available on Canara HSBC, to avail of these tax benefits along with a host of other benefits including the flexibility to choose how payouts are to be paid to dependents. The iSelect Smart360 Term Plan also offers lucrative features such as the ability to add spouses within the same insurance policy. Policyholders can also choose from a wide variety of payout options for their nominees, allowing for customisation of the plan in line with the policyholder’s individual requirements.
Life Insurance Tax Benefits Under the Income Tax Act, 1961
One major reason life insurance policies remain among the most sought-after investment instruments is the tax benefits they offer. Life insurance tax benefits cover some of the best tax provisions available under the Income Tax Act, 1961.