Best Tax Savings Plans Under Section 80C| ICICI Pru Life (2024)

Section 80D allows one to get tax deduction for money spent on maintaining your health and health insurance, and assumes great significance in your tax planning and personal finance.

80D: You can reduce your taxable income by ₹25000 under Section 80D on premiums paid towards health insurance or any health related benefits under a life insurance plan. Under health insurance this benefit can be availed on insurance for self, spouse and dependent children and parents.

With life insurance plans, you can avail tax deductions of up to ₹ 7,800 which is calculated at the highest tax slab rate of 31.20% (including cess, excluding surcharge), towards premiums paid subject to conditions under Section 80D of the Income Tax Act, 1961

If you are planning to invest in a life insurance plan, be it a term insurance plan or a savings insurance plan one of the benefits to look out for would be its tax^* benefits.

80C: One of the very commonly known sections amongst taxpayers, Section 80C allows you to reduce your taxable income by ₹1.5 lakhs every year.

With life insurance plans, you can avail tax deductions of up to ₹ 46,800 which is calculated at the highest tax slab rate of 31.20% (including cess, excluding surcharge), towards premiums paid subject to conditions under Section 80C of the Income Tax Act, 1961

10(10D): For the claim amount, Section 10(10D) plays a very important role.

The proceeds received under the policy are exempt from taxes subject to conditions u/s 10(10D).

One invests in a savings plan with the goal of receiving a guaranteed fixed income after some years, which they can use to fulfil their goals. As someone who is looking to invest in these guaranteed income plans, you would also want the proceeds to be exempt from taxes so that you and your family can make the most of them.

This is where Section 10(10D) plays a very important role.

Under this Section 10(10D), the returns received under the policy are exempt from taxes subject to the conditions specified therein.

For aggregate premiums above 5 lakh p.a., you need to act before 31^st March 2023. Policies issued on or after April 01, 2023 where aggregate premium in respect of Non- Unit linked life insurance policies are more than ₹ 5 lakh p.a. is not exempt u/s 10(10D). However, the death benefit will continue to be 100% tax free.

To avail the 10(10D) benefit, act now. Act fast.

Some of the life insurance plans can offer a combination of tax^* benefits especially plans that have both a life cover plus a health cover component.

80C: One of the very commonly known sections amongst taxpayers, Section 80C allows you to reduce your taxable income by ₹1.5 lakhs every year.

With life insurance plans, you can avail tax deductions of up to ₹ 46,800 which is calculated at the highest tax slab rate of 31.20% (including cess, excluding surcharge), towards premiums paid subject to conditions under Section 80C of the Income Tax Act, 1961

80D: You can reduce your taxable income by ₹25000 under Section 80D on premiums paid towards health insurance or any health related benefits under a life insurance plan. Under health insurance this benefit can be availed on insurance for self, spouse and dependent children and parents.

With life insurance plans, you can avail tax deductions of up to ₹ 7,800 which is calculated at the highest tax slab rate of 31.20% (including cess, excluding surcharge), towards premiums paid subject to conditions under Section 80D of the Income Tax Act, 1961

Some term insurance plans come with add on benefits or riders like Critical illness insurance that give sizable payouts in case of life threatening illnesses like cancer, heart disease etc.

10(10D): For the claim amount, Section 10(10D) plays a very important role.

The proceeds received under the policy are exempt from taxes subject to conditions u/s 10(10D).

80D: You can reduce your taxable income by ₹25000 under Section 80D on premiums paid towards health insurance or any health related benefits under a life insurance plan. Under health insurance this benefit can be availed on insurance for self, spouse and dependent children and parents.

With life insurance plans, you can avail tax deductions of up to ₹ 7,800 which is calculated at the highest tax slab rate of 31.20% (including cess, excluding surcharge), towards premiums paid subject to conditions under Section 80D of the Income Tax Act, 1961.

Some term insurance plans come with add on benefits or riders like Critical illness insurance that give sizable payouts in case of life threatening illnesses like cancer, heart disease etc.

10(10D): For the claim amount, under Section 10(10D) plays a very important role.

The proceeds received under the policy are exempt subject to taxes.

If you are planning to invest in a life insurance plan, be it a term insurance plan or a savings insurance plan one of the benefits to look out for would be its tax^* benefits subject to conditions under Section 80C.

80C: One of the very commonly known sections amongst taxpayers, Section 80C allows you to reduce your taxable income by ₹1.5 lakhs every year.

With life insurance plans, you can avail tax deductions of up to ₹ 46,800 which is calculated at the highest tax slab rate of 31.20% (including cess, excluding surcharge), towards premiums paid subject to conditions under Section 80C of the Income Tax Act, 1961

Section 80D allows one to get tax deduction for money spent on maintaining your health and health insurance, and assumes great significance in your tax planning and personal finance.

80D: You can reduce your taxable income by ₹25000 under Section 80D on premiums paid towards health insurance or any health related benefits under a life insurance plan. Under health insurance this benefit can be availed on insurance for self, spouse and dependent children and parents.

With life insurance plans, you can avail tax deductions of up to ₹ 7,800 which is calculated at the highest tax slab rate of 31.20% (including cess, excluding surcharge), towards premiums paid subject to conditions under Section 80D of the Income Tax Act, 1961

If you are planning to invest in a life insurance plan, be it a term insurance plan or a savings insurance plan one of the benefits to look out for would be its tax^* benefits.

80C: One of the very commonly known sections amongst taxpayers, Section 80C allows you to reduce your taxable income by ₹1.5 lakhs every year.

With life insurance plans, you can avail tax deductions of up to ₹ 46,800 which is calculated at the highest tax slab rate of 31.20% (including cess, excluding surcharge), towards premiums paid subject to conditions under Section 80C of the Income Tax Act, 1961

10(10D): For the claim amount, Section 10(10D) plays a very important role.

The proceeds received under the policy are exempt from taxes subject to conditions u/s 10(10D).