Prices Increasing soon Prices Increasing Soon

Save Tax With Insurance Policies

Your tax saving plans are important aspects of your financial planning for a particular year. Ideally, your tax saving strategy should be such that it helps you save as well as build your corpus. To serve this dual aim, it is most effective if you invest in insurance policies. It is a sensible idea to invest in insurance of various kinds, which will strengthen your insurance portfolio and secure your future, besides helping you save taxes.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
58.9 Million
Registered Consumer
51
Insurance Partners
26.4 Million
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

Life Insurance

Life insurance is considered as the most important insurance cover that people generally invest in to secure the future of the family in the absence of the primary bread winner. In that order you should invest in a life insurance policy to ensure that the wellbeing of your spouse and children is not compromised upon your demise. Life insurance premiums are deductible as per Section 80C of the Income Tax Act. 

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

You can take your pick from an array of life insurance policies that include term insurance plans, endowment plans, money back plans or ULIP plans, all of which will provide you with tax benefits.As per Section 80C, the premiums that you pay towards the life insurance policy is deductible up to a maximum of Rs 1.5 lakhs. 

Additionally, the proceeds received upon death of the policy holder or upon maturity are tax free under Section 10(D). Alongside, you must note that incase the policy is terminated before five years, the deductions claimed are included in your income and tax is accordingly calculated. 

Tax benefit is subject to changes in tax laws

Note: Know what is term life policy first and then buy a term plan for your loved ones.

Note: It is suggested to calculate the term plan premium on the term plan calculator online tool by Policybazaar before buying.

Health Insurance Plans

To complete your insurance portfolio, it is necessary that you buy a health insurance policy keeping in mind the rising health care and hospitalization costs—and chances are that it would keep escalating with each passing year. It is of utmost importance that you buy a health insurance plan not only to save tax but primarily to cushion yourself in times of life threatening critical illnesses and accidents. Alongside, itserves the purpose of a useful tax saving instrument.  Health insurance is covered under Section 80D of the Income Tax Act. 

The maximum amount of premium deductible from your health insurance is Rs 15,000 if you are under 60 years old. However, if you are a senior citizen, you are eligible for tax benefits up toa maximum of Rs 20,000. Also, the amount on maturity is tax free if it is falls under the critical illness policies. If you have two healthcare insurance plans in the family, one for your own family and one for your elderly parents, you can available tax benefits up to a maximum of Rs 35,000.  

Tax benefit is subject to changes in tax laws

Pension Plans

While life and health insurance help plug the most crucial loopholes in the financial security of your family in times of unprecedented events, investing in a pension plan will further add to your security blanket and also provide you tax benefits under Section 80CCC(a sub-section under Section 80C) of the Income Tax Act.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Pension plans also known as annuity plans are similar to life insurance policies.  However, unlike a life insurance policy, which is a protection plan and is aimed to take care of your family following your death, a pension plan looks to ensure a financially sound future for yourself and your family with a steady stream of incomewhen you survive and live through your retirement years. 

The maximum limit of deduction under the sub-sections of Section 80C cannot be in excess of Rs 1.5 lakhs. Also, upon maturity, tax is charged on 2/3rd of the amount at a marginal rate while the remaining part of the total pension amount is tax free. However, if the beneficiary dies, the amount is tax free. 

Note: Check out the best term insurance policy in India and choose one that suits your requirements.

Note: You should also check the benefits of term insurance if you are planning to purchase the term insurance plan.


Premium By Age

Life Insurance Articles

  • Recent Article
  • Popular Articles
24 Apr 2024

Most Common Life Insurance Frauds in India

Life insurance fraud is a financial crime that can be committed

Read more
09 Aug 2023

What High Net Worth Individuals (HNIs) Do To...

High net worth individuals often opt for life insurance plans to

Read more
28 Jun 2023

A Review Of ICICI Prudential Life Insurance

“Policy Bazaar insurance clarified the term policy for me, so

Read more
27 Jun 2023

A Review Of HDFC Life Insurance

“I recently bought an HDFC term plan and it is the best

Read more
20 Jun 2023

Best Life Insurance Policy in India with High...

The best life insurance policy in India is a type of life

Read more

Life Insurance for Parents in India

With the increase in the average life expectancy rate, the older population in India is on the rise. Most of the

Read more

Life Insurance for NRI

Going beyond geographical boundaries to study or pursue a career abroad is a common aspiration for many

Read more

Life Insurance Quotes

Life insurance quotes are the approximate premium rates for the specific life insurance policy. It helps you

Read more

Canara Guaranteed Fortune Plan

Canara HSBC life insurance company introduces a guaranteed fortune plan that provides assured benefits to life

Read more

Life Insurance For Women

Consistently, the role of woman in the family and the business world has changed a considerable amount

Read more
Need Help? Request Callback
top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL