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The best Tax Savings plans

The best Tax Savings plans are LIC endowment plans like Jeevan Labh and Jeevan Umang. These plans are popular in the market for their flexible payment options and tax-free returns. We Indians are yet to plan for pension. According to a survey, more than 60% are not ready with pension planning. India is one of the fastest-growing countries in the World. Planning for the entire population in India is not so simple task. Every individual should start thinking and saving according to his ability for his future.

Best Tax Savings plans - Save Income Tax

Why the Best Tax-Saving plan

LIC plans play a dual role in providing insurance and benefits. LIC of India is a Government company which is having a stake in the organization. when an ordinary person plans for savings or insurance, he first considers a Government guarantee and starts his account. All Insurance plans in LIC also come with Life Insurance. By going for LIC plans you are able to save tax also from salary or business whatever you do.

In LIC, all plans are best. There are some plans with are very popular among people. They are :

Jeevan Anand: One of the best plans which provide insurance coverage after paying maturity also. Very popular as the benefit is unique in the industry. Several plans have come with similar benefits, but the LIC Jeevan Anand plan is considered to be the best from the LIC of India.

Jeevan Labh: The name itself says, Labh. This plan has three options that suit well for child education, marriage, and higher studies. One of the most liked plans from LIC.

Jeevan Lakshya: Setting your target is the message of this policy. A perfect Child plan for education. A very well-planned plan for children’s education. This plan helps children to continue their education in case of any eventuality by paying every year 10% of the sum assured returns till maturity and then full benefit once again at the end.

Jeevan Umang: Pension for everyone tax-free is the agenda of this plan. All pensions in India are taxable. This plan provides Insurance, Investment, Tax savings, Pension, Lifetime cover, and safe returns in one plan.

A sum of Rs. 1,50,000/- paid as Life insurance is tax-free under section 80C. Anyone can invest in LIC plans and can avail of the benefit of a tax rebate.