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Find which are 5 best instruments for saving tax under section 80c of income tax act. Check what are most important things to check before investing for saving taxes
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5 Best Tax Saving Instruments
A perfect tax Saving scheme may not give the best returns, but the Tax it saves is enough to compensate for the lesser returns
Return
Features of
Perfect Tax
Saving
Scheme
The returns on Tax saving products should have minimum Tax
Tax Friendly
Should have lowest risk of principle Erosion in Long term
Low Risk
Should be Considerably Liquid or Loan can be taken against it
Liquid
Source- AdviseSure Research
Equity Linked Saving Scheme (ELSS) are Tax Saving Mutual Funds which invest in Equity Shares. They have a lock-in period of 3 years
About
Tax benefit under Section 80C of Indian Tax Act
High Returns of Equity Returns are also Tax free
Benefits
If Lump Sum – Rs. 5,000If SIP – Rs. 500
Minimum Investment
Axis Long Term Equity Fund (G) ICICI Pru RIGHT Fund (G) SBI Tax Advantage Sr-2 (G)
Top 3 Funds
01 ELSS- Tax
Saving
Mutual
Fund
Source- AdviseSure Research
Public Provident Fund is a Tax Saving scheme which provides tax savings and decent returns on investment
About
02 PPF
Investments upto Rs. 1.5 Lac are Tax Exempt
Loan and withdrawal option is also available depending upon the amount deposited
Benefits
Minimum Investment – Rs. 500Maximum Investment – Rs. 1.5 LacInvestment
8.70% with effect from 1st April 2013Interest Rate
Public
Provident
Fund
Source- AdviseSure Research
Term Insurance is life insurance, which is only for covering financial risk associated with the death of the person and not for investments
About
It helps protect your family against uncertainties of life by providing for their financial safety
The premium amount is also very low compared to other policies
It also provides Tax benefit on the premium paid
Benefits
Maximum amount allowed for Tax deduction is premium of Rs. 1.5 Lac
Allowable Amount
HDFC Life Click 2 Protect Plus Bajaj Allianz – iSecure Bharti Axa Term Plan - eProtect
Top 3 Term Insurance
03 Term
Insurance
Source- AdviseSure Research
Mediclaim policy that takes care of hospitalization expenses by reimbursing actual medical expenses
About
04 Mediclaim
Insurance
Cost of a Mediclaim is 0.5-2% of the total expenses that one would incur incase one is hospitalized
A deduction of Rs. 15,000 can be claimed every year
Benefits
Minimum Amount – Rs. 2,000Maximum Amount – Rs. 20,000
Allowable Amount
Star Family Health Optima Max Bupa Heartbeat Health Gold Apollo Munich Easy Health
Exclusive
Top 3 Medical Insurance
Source- AdviseSure Research
A fixed deposit is an instrumentprovided by banks which provides investors with a rate of return which is higher than a regular savings
About
Long Term Saving Decent rate of Interest varying
from 8-9.5 from Banks to Banks
Benefits
Maximum Tax Exempt amount has been increased to Rs. 1.5 Lac, however one can invest more in an FD every year
Investment
Bharat Co-operative Bank (9.5%) Lakshmi Vilas Bank (9.25%) Andhra Bank (9.1%)
Top 3 Funds
05 Bank FD
Tax Saving
Fixed Deposit
Source- AdviseSure Research
Advisory Fees Rs. 365 Per Annum
Customized advise only for you
Unlimited Long Term Investment Advise
Tax efficient portfolio design
No Minimum investment
Regular Review and Rebalancing
Substantial Savings in Commission ( Optional)
Customized , unbiased Wealth Management
@Rs. 1 per day
We Offer
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AdviseSure Investment Advisors is India’s first only Advise platform where we help individual, managing his personal finance. AdviseSure Investment Advisors is part of AdviseSure VenturesPrivate limited. AdviseSure Investment Advisors is a SEBI registered Investment Advisor and its associate/group company empanelled with AMFI as a distributor .You can executetransactions with your banker, broker or agent/ financial intermediary . We also offer transaction services through various associations, at a substantially lesser cost to our clients ascompared to other financial intermediaries, so that you start your financial plan with AdviseSure Investment Advisors is a safe and secure platform. Our recommendations rely on historicaldata. Historical/ past performance is not a guarantee of future returns. The information and views presented here are prepared by AdviseSure Investment Advisors. The informationcontained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personalinformation and we are not responsible for any loss incurred based upon it. This document is solely for the personal information of the recipient. The investments discussed orrecommended here may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and usingsuch independent advice, as they believe necessary. While acting upon any information or analysis mentioned here, investors may please note that neither AdviseSure Investment Advisorsnor any person connected with any associated companies of AdviseSure Investment Advisors , accepts any liability arising from the use of this information and views mentioned here. Eachrecipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to inthis document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment.
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