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Insurance Guide

Tax Planning

Tax Planning

Life insurance policies can be useful tax planning tools, because the policy holder is eligible for tax benefits under the Income Tax Act 1961 (Act). Though there are multiple modes for saving tax, life insurance is one of the most effective tax planning instrument. With our life insurance plans individuals can not only save tax but also look at achieving their long term goals. For example, Kotak e-Assured Savings Plan

Life insurance plans form Kotak Mahindra Old Mutual Life Insurance Limited provides several other benefits: life cover, wealth maximization opportunities, child's future planning options, retirement planning options and all of them coupled with effective tax saving options.


Here are a few advantages of tax planning using life insurance policies from Kotak Mahindra Old Mutual Life Insurance Limited:


Deductions

  • Benefit is available to individual assessee and Hindu Undivided Family assessee.
    • In case of individual assessee - himself/herself, spouse, children of such individual
    • In case of HUF assessee - any member of HUF.
  • Premiums paid under a life insurance policy are eligible for deduction under Section 80C* of the Act, subject to the provisions of the said section.
  • Contributions to a pension plan are eligible for deduction under Section 80CCC* of the Act, subject to the provisions of the said section.

    The aggregate amount of deduction under section 80C and 80CCC shall not exceed Rs. 1.50 lacs.

    If the amount of premium paid in a financial year for a policy is in excess of 10% of the actual capital sum assured, then deduction will be allowed only for premiums up to 10% of the actual capital sum assured.


Exemption

  • The proceeds under a life insurance policy are exempt under Section 10(10D) of the Act, subject to the provisions of the said section.


Service Tax

  • All premiums and charges are subject to applicable taxes including service tax and cess as applicable, under the prevailing tax laws from time to time.


Disclaimer
This information should not be construed as expert tax, legal or investment opinion from Kotak Mahindra Old Mutual Life Insurance Company Limited & Company would not be responsible in any manner for decisions made on the basis of above information.


Please consult your tax advisor for specific suitability of taxation on insurance products.



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