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Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.
7. Group Term Edge Plan
Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.
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Save, Dream, Plan. Live Peacefully
Guaranteed Maturity Benefit Tax Benefits
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National Savings Certificate Tax Saving Plans Senior Citizen Savings Scheme Calculator NPS and PPF Savings & Investment Plans Saving Schemes Save Money For Salaried Professionals One time Investment Plan for Child
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Investment Options for an NRI All About PPF Sum Assured Policy Surrender Value Guaranteed Savings Plan
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Savings and Investment Plans from Canara HSBC Life Insurance
We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.
Savings and Investment Plans from Canara HSBC Life Insurance
We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.
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Senior Citizen Saving Scheme Post Office Savings Scheme What is Sum Assured? Money Saving Tips Saving Plans for Child Endowment Policy iSelect Guaranteed Future Plus Plan
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Senior Citizen Saving Scheme Post Office Savings Scheme What is Sum Assured? Money Saving Tips Saving Plans for Child Endowment Policy iSelect Guaranteed Future Plus Plan
Four Reasons it is Crucial to Capitalize on Saving Plans and Schemes?
Tax Savings : Several saving schemes offer one or the other kind of tax advantages—may it be tax deductions, exemption, or both. Some schemes qualify for a tax rebate on investment of up to Rs.1.5 lakh under Section 80C of the Income Tax Act.
Tax savings
A lot of saving schemes offer various kinds of tax benefits such as tax exemption, deduction, or both. Under Income Tax Act 1961, Section 80C, upon the investment of up to Rs.1.5 lakh, you get qualified for a tax deduction. There are also saving schemes that offer tax exemption on the investment, interest ensued, and the maturity amount.
Here are 10 Saving Schemes and Plans where you can Invest for a Secure Future:
National Savings Certificate (NSC) : National Savings Certificate, another government-backed saving scheme, furnishes guaranteed returns along with tax-saving investments. You can capitalize on an NSC at the neighbouring post office. The lock-in period for the scheme is five years. The government evaluates the interest ratio of the scheme once every quarter and verifies it. However, the interest rate will not alter during the term after you acquire the certificate. Tax deductions can be claimed on the investment up to Rs.1.5 lakh under Section 80C. Nowadays, the interest rate of 6.8% p.a. is applicable. The interest will be yearly compounded and compensated only on maturity. Upon maturity, the interest accrued is taxable and must be added to the cumulative annual income. The revenue reinvested and compounded is competent for tax deduction under Section 80C. Learn more about National Saving Certificate
4. National Savings Certificate (NSC)
Under Section 80C, tax deductions on the investment can be claimed up to Rs.1.5 lakh. Presently, the interest rate of 6.8% p.a. is applicable. Interest will be accumulated annually and paid only upon maturity. The interest accrued is taxable upon maturity and must be added to the gross annual income. Under Section 80C, the interest reinvested and multiplied is eligible for a tax deduction.
Here are 10 Saving Schemes and Plans where you can Invest for a Secure Future:
Fixed Deposits (FD) : Fixed deposit accounts are deemed to be stress-free and the most prudent investment alternative in demand. You deposit any suitable amount for you, for a particular period that reaps interest as per the rate persisting at the time of deposit. The scheme gives flexibility in terms of tenure and the frequency of interest payout. The interest proposed on an FD account is much greater than the one allocated on a bank savings account. If you require the cash before the maturity date, you can choose to break the FD or even take an overdraft debt on the FD. You also have the choice to reinvest the dividend to earn an increased lump sum at the end of the term. The interest is taxable and can be liable to TDS for payments.
2. Fixed deposits (FD)
The interest given on an FD account is even higher than the interest offered on a bank savings account. You may opt to break the FD or even take an overdraft credit on it if you need the money before the maturity date. You will have the option at the end of the tenure of reinvesting the interest to receive a higher lump sum. The interest is taxable, and payments above Rs.40,000 may be subject to TDS.
Here are 10 Saving Schemes and Plans where you can Invest for a Secure Future:
Equity-Linked Savings Scheme (ELSS) : ELSS, otherwise called tax saving funds, are a form of mutual funds. ELSS investments get tax rebates up to Rs.1.5 lakh under Section 80C . The investment has a mandatory lock-in period of three years. The retrievals on the redemption of the undertakings are taxable as capital gains. The gains relish impunity of up to Rs.1 lakh. The equity element offers greater returns and debt provides support against volatility. The scheme offers higher returns over the lengthy-term, above five years.
1. Equity-Linked Savings Scheme (ELSS)
ELSS is a mutual fund and is also known as tax saving funds. Under Section 80C, the investments made in this money-saving plan get tax deductions up to Rs.1.5 lakh. This investment follows a compulsory lock-in period of 3 years. Like capital gains, the returns on the redemption of the investments are taxable. There is a tax exemption of up to Rs. 1 lakh on these gains, and on exceeding this amount, a tax of 10% is levied.
Here are 10 Saving Schemes and Plans where you can Invest for a Secure Future:
Public Provident Funds (PPF) : PPF is a government-backed tax-free savings scheme. The equity deposited with your PPF account will get tax rebate under Section 80C of the Income Tax Act . The interest reaped from such savings is also tax-exempt. You can open a PPF account at the closest bank or post office. The money will be sealed in for 15 years and can be extended in blocks of five years after the lock-in period's culmination. Returns will be computed based on compound interest at the rate of 7.1% p.a. The lowest annual investment of Rs.500 should be deposited. An individual can deposit up to Rs.1.5 lakh per annum.
3. Public Provident Funds (PPF)
The PPF is a long-term tax-free money-saving plan supported by the Government. Under Income Tax Act Section 80C, the funds deposited with your PPF account will be tax deducted. The interest gained on such savings is tax-exempt as well. A PPF account can be created at your nearest bank or post office.