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How to save tax by taking a Unit Linked Insurance Plan (ULIP)?

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Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

1.      ICICI Prudential Tax Plan  Invest Online

2.      HDFC TaxSaver   Invest Online

3.      DSP BlackRock Tax Saver Fund   Invest Online

4.      Birla Sun Life Tax Relief '96 Invest Online

5.      Reliance Tax Saver (ELSS) Fund   Invest Online

6.      IDFC Tax Advantage (ELSS) Fund  Invest Online

7.      SBI Magnum Tax Gain Scheme 1993   Invest Online

8.      Sundaram Tax Saver   Invest Online

 
How to save tax by taking a Unit Linked Insurance Plan (ULIP)?


Unit-Linked Insurance Plan (ULIP) is life insurance solution that provides for the benefits of risk protection and flexibility in investment. Part of the premium you pay goes towards the sum assured (amount you get in a life insurance policy) and the balance will be invested in whichever investments you choose as per what is available under the scheme - equity, debt or a mixture of both.

Summary of ULIP Details
 

Return (p.a.)

Market linked

Risk

Market and Fund manager risk

Lock In

5 years

Income from Investment

N.A.

Maturity Proceeds

·         Exempt under Section 10(10)D for any sum received from insurance policy as maturity proceeds. Death benefits are exempt from tax.

·         However for ULIPs the maturity benefit is tax free only if the premium paid per year is less the 20% of the life insurance cover. In other words the life cover has to be at least 5 times the premium.

NRI/PIO eligible

Yes

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