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Insurance as a Tax Saving option for 2015
It is that time of the year when everyone is working with a single goal in mind – Tax planning. It is during this time when all are hard crunched for time and are seeking options to invest the required amount, and produce the receipt to HR in time to avail the tax benefits for the year. In doing so, a majority of us end up purchasing insurances that may or may not suit our requirements.
It is important to first identify the need and invest in the right insurance product that caters to your requirement. Apart from risk coverage many seek investment options that offer a lump sum pay out or /and a regular income with some flexibility in time period. These varied needs of customers have led to the advent of readymade solutions provided by the insurance companies. A packaged product reduces the hassles connected with buying multiple products, maintaining separate records and making separate payments for each policy.
It's important to note that a packaged product is not a "new" plan but merely a combination of existing insurance policies that have been put together to provide the required convenience. For example, if you are seeking for a single solution that provides reasonable amount of certainty from your investment that you wish to utilize for your child's education along with planning for your retirement with some insurance coverage; these products can be considered.
Like any traditional plan or a unit linked plan, these bundled products work well for young individuals who are willing to stay invested and continue to pay regular premiums for a minimum period of 15- 20 years. However there will be a cost attached if one seeks high degree of certainty from their insurance cum investment products.
If you are cost conscious and firmly believe that purpose of insurance is only protection and investments need to be handled separately; then the job of identifying a right life insurance product is that much simpler – a pure term plan should be considered. However it's important to bear in mind that this policy pays the sum assured only in case of death of the policy holder during the term of the policy else the premiums paid should be treated as an expense. There is no ideal product for all, you need to decide what your priorities are and then decide on the product.
The products and the options available are many, its best to spend some time to chalk out what you need and identify the right one. If you are planning for your taxes for the year, spend some time in ensuring the money is put to right use. It's your money invest some time in it!
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