Bleu Finance
Monday, March 20, 2023
  • Home
  • Accountant
  • Credit
  • Finance
  • Insurance
  • Investment
  • Loan
  • Trading
Subscribe
Bleu Finance
  • Home
  • Accountant
  • Credit
  • Finance
  • Insurance
  • Investment
  • Loan
  • Trading
No Result
View All Result
Bleu Finance
No Result
View All Result
Home Finance

Is Kotak Assured Savings Plan Eligible for 80C?

by Kasper Lee
7 days ago
in Finance
0
Is Kotak Assured Savings Plan Eligible for 80C?
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Tax saving is an important aspect of financial planning. It can be hard to part ways with your hard-earned income that you could use to meet your regular expenses. While paying the taxes is your responsibility, you can be a prudent financial planner and save your annual tax outgo by making smart investment decisions.

The government of India offers several tax benefits under different sections of the Indian Income Tax Act to encourage people to save and invest in different schemes. One such popular tax-saving section is Section 80C. Under this section, you can enjoy tax benefits up to Rs. 1.5 lakhs in a financial year.

Some of the eligible instruments that qualify for Section 80C tax benefits include

  • Life insurance premium
  • Repayment of the home loan principal amount
  • Contributions to NPS (National Pension System) account and ULIP (Unit Linked Insurance Plan)
  • PPF (Public Provident Fund)
  • Assured Savings Plan

NOTE – the tax savings of INR 1.5 lakhs under Section 80C of the IT Act are inclusive of all the instruments mentioned above and not individually.

So, if you have invested in the Assured Savings Plan offered by Kotak Life Insurance, you can be assured of getting tax benefits on your investment under Section 80C of the IT Act.

What is an Assured Savings Plan?

The Assured Savings Plan is a non-participating endowment assurance plan that allows you to accumulate wealth for your future goals while offering financial protection to your family.

Let us understand the working of an assured saving plan with an example

Miss. Kaveri Shetty, a 27-year-old salaried employee, purchases the Assured Savings Plan. She pays an annual premium of Rs. 1 lakh and chooses the premium payment term of 10 years for a policy tenure of 15 years. Once the premium payment term is over, Miss Shetty enjoys the policy benefits and gets coverage until maturity.

After the policy matures, Miss Shetty is eligible to receive the guaranteed maturity benefit, the accrued guaranteed yearly additions and the guaranteed loyalty addition. In the event of Miss. Shetty’s demise before the end of policy term, the insurer will pay the above amount to the appointed nominee.

Features and benefits of assured savings plan

If you outlive the policy period, you get guaranteed maturity benefits, including the basic sum assured, accrued guaranteed yearly additions, and guaranteed loyalty addition.

Another significant feature of an assured savings plan that makes it an attractive investment proposition for all is that it offers guaranteed yearly additions, payable upon maturity or demise, whichever happens earlier. The annual additions are added to the maturity payment every time you pay the premium.

Apart from the basic life protection guaranteed under the assured savings plan, you can enhance the policy scope and get additional protection by purchasing riders or add-ons. Some of the riders you can buy with an assured savings plan include accidental death benefit rider, permanent disability benefit rider and life guardian benefit.

Remember, you can voluntarily purchase these riders by paying an additional premium, which would increase your overall insurance cost. So, assess your needs carefully and choose suitable riders accordingly.

Final Word

Thus, investing in an assured savings plan is a great way to reduce your annual tax liability while getting insurance protection and building wealth for your long-term goals.

Related Posts

Online Installments Can Help You To Clear All Your Debts
Finance

Online Installments Can Help You To Clear All Your Debts

March 17, 2023
Are You Searching For Cash Advance Online On The Same Day?
Finance

Are You Searching For Cash Advance Online On The Same Day?

February 25, 2023
  • Trending
  • Comments
  • Latest
Understanding the Difference Between an IRA Transfer and a Rollover

Understanding the Difference Between an IRA Transfer and a Rollover

July 13, 2020
Analysis paralysis in the investment business

Analysis paralysis in the investment business

September 17, 2020
5 Physical Investments to Prepare for a Barter Economy

5 Physical Investments to Prepare for a Barter Economy

January 18, 2022
How to Establish a Strong Pipeline of Investment Opportunities for a Small to Mid-Cap Investment Fund

How to Establish a Strong Pipeline of Investment Opportunities for a Small to Mid-Cap Investment Fund

June 6, 2022
Online Installments Can Help You To Clear All Your Debts

Online Installments Can Help You To Clear All Your Debts

0
Third World Challenges in Accounting

Third World Challenges in Accounting

0
Normal Mistakes When Hiring a Tax Accountant

Normal Mistakes When Hiring a Tax Accountant

0
The most effective method to Become A Chartered Accountant

The most effective method to Become A Chartered Accountant

0
Online Installments Can Help You To Clear All Your Debts

Online Installments Can Help You To Clear All Your Debts

March 17, 2023
Is Kotak Assured Savings Plan Eligible for 80C?

Is Kotak Assured Savings Plan Eligible for 80C?

March 14, 2023
Are You Searching For Cash Advance Online On The Same Day?

Are You Searching For Cash Advance Online On The Same Day?

February 25, 2023
How to minimize financial costs with Virtual Bookkeeping Services?

How to minimize financial costs with Virtual Bookkeeping Services?

February 24, 2023
Finance

Online Installments Can Help You To Clear All Your Debts

Instalment loans are mainly taken by the borrowers, who are primarily working professionals, for a massive purchase like land, car, ...

March 17, 2023
Finance

Is Kotak Assured Savings Plan Eligible for 80C?

Tax saving is an important aspect of financial planning. It can be hard to part ways with your hard-earned income ...

March 14, 2023
Finance

Are You Searching For Cash Advance Online On The Same Day?

Do you require a cash advance at this time? Do you need quick access to cash to cover unexpected costs? ...

February 25, 2023
Finance

How to minimize financial costs with Virtual Bookkeeping Services?

If you are the owner of a small or medium-sized business, you could be worried about accounting and bookkeeping. In ...

February 24, 2023
Finance

Will You Go to Jail for Not Clearing Your Payroll Tax?

Will you go to jail for not clearing your payroll tax? The answer is yes, under certain circumstances. Payroll tax ...

March 6, 2023

Recent Posts

  • Online Installments Can Help You To Clear All Your Debts March 17, 2023
  • Is Kotak Assured Savings Plan Eligible for 80C? March 13, 2023
  • Are You Searching For Cash Advance Online On The Same Day? February 25, 2023
  • How to minimize financial costs with Virtual Bookkeeping Services? February 24, 2023
  • Will You Go to Jail for Not Clearing Your Payroll Tax? February 23, 2023
  • Why Should You Apply For Easy Payday Loans? January 14, 2023

Archives

  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • November 2019
  • October 2019
  • US Markets
  • World Stock Market
  • Cryptocurrency
  • Economy

© 2020 Bleu Finance- All Rights Reserved.

No Result
View All Result
  • Home
  • Let us help

© 2020 Bleu Finance- All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In