LIFE INSURANCE BASICS

TAX PLANNING BASICS

There is one thing that is always a part of your financial planning—tax! Everything else may come and go, but your annual tax liabilities are perpetual.

However, there are various ways you can be smart about tax payments and save a little money for yourself. This becomes even more important if your income increases every year and you end up paying a large sum as tax, all in one go. Wouldn’t you rather save your hard-earned money than let it all slip away in tax?

Yet, most people end up paying more tax than necessary. This is because not enough of us are aware of tax deductions and exemptions. Ergo, it is always better to be better informed and plan your taxes.

Let us familiarize you with the various ways you can reduce the amount of tax you pay.   

It is a financial product that pays you or your dependants a sum of money either at maturity or upon your untimely death.

Term Insurance are protection plans which provide only life cover. These plans can help you get adequate cover at low cost.

ULIPs are combination of life cover and investment. They offer choices of funds depending on your risk appetite.

Retirement Plans are Pension plans. These plan can help you build corpus for your retirement years.

Health Plans are designed to secure you and your family against expenses due to medical emergency.

Financial planning is the means of meeting your life goals through proper management of your finances.