Pension plans from insurance companies are not a great way to save tax be cause of the high charges. Although Ulip charges have been reduced, pension plans still levy high charges on buyers. In comparison, the low-cost NPS is a much better alternative.
The pension plans from insurance companies are also not as tax friendly. Only 33% of the corpus can be withdrawn at the time of maturity and is tax free. The balance 66% has to be compulsorily put in an annuity to get a monthly pension that is fully taxable.
For the NPS, up to 40% of the corpus is tax free. Of the balance amount, only 40% has to be put in an annuity.
Top 10 Tax Saver Mutual Funds for 2017 - 2018
Best 10 ELSS Mutual Funds to invest in India for 2017
1. DSP BlackRock Tax Saver Fund
2. Invesco India Tax Plan
3. Tata India Tax Savings Fund
4. ICICI Prudential Long Term Equity Fund
5. Birla Sun Life Tax Relief 96
6. Franklin India TaxShield
7. Reliance Tax Saver (ELSS) Fund
8. BNP Paribas Long Term Equity Fund
9. Axis Tax Saver Fund
10. Birla Sun Life Tax Plan
Invest in Best Performing 2017 Tax Saver Mutual Funds Online
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