Get a LIC
We all should be planning for our future right now when we have still got the time because every day the world grows more and more unpredictable. So we should think about the future of ourselves and our family as well. And what else could be a better opportunity than to get insurance and also find a way to save taxes.
LIC or life insurance corporation of India is a renowned and one of the most trustworthy providers of life insurances in the country. So the LIC is offering a new tax-saving plan that can be availed by us for getting ourselves insured and for getting some good benefits from the tax exemptions as well.
LIC tax saving plan
The tax rates are skyrocketing with each passing day and getting insurance is also becoming more and more important. So if you can lay your hands upon a policy that does both for you it will just make your day. There are several tax saving plans from LIC that can help you to plan an efficient future and also help you in saving some considerable amount on taxes.
LIC tax saving plans
As we mentioned that there are several tax saving plans from LIC. Some of the examples of tax-saving opportunities from LIC are given below.
- Life insurance purchased before 31st March 2012, can be availed at a tax reduction of 20%.
- Policies purchased after 1st April 2012 can be availed for a maximum of 10% tax reduction.
- The maximum tax exemption allowed is Rs.150000.
- Any benefit that is received as the sum assured under the policy is exempted from the corresponding tax reduction.
Tax saving plans
The above-mentioned facts are just an overview of the tax benefits offered by the LIC. You can avail more of such benefits on further searching and research. So to conclude we can say that several policies and plans can be used by you to get a tax benefit.