By giving you a set of options to plan your retirement, savings and investments, most Life Insurance policies help you save a lot of tax in the process. You get to avail these tax benefits under the Income Tax Act, 1962, in the form of deductions and exemptions. You can claim a deduction of Rs. 1, 50,000 from your total income through Section 80C of the Income Tax Act.
Getting Life Insurance, therefore, sounds like a smart way to hit two birds with one stone—tax planning and income guarantee in difficult times.
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