Your Child Can Provide You Relieve from Tax

Giving best to our children is our utmost priority in spite of the sky-rocketing prices and growing expenses. Investing in their future is one of the major concerns for every parent. But child plan investment can give you Income Tax benefits along with a bright future to your children. There are seven advantages that you can relish on many expenses and investments made on your child’s name.

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Investing in your child's future:A wise decision & a loving choice
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  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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Interest on Education Loan:  Pre-planning for children’s higher studies has become very essential as getting education is becoming more and more expensive. Taking up a loan is the option that most of us go for. But it leaves us with a burden of repayments. While coping up with repayments, one can partially gain from this investment as the interest portion on education loan is completely tax deductible under section 80 E.  The loan taken up must be for a full-time graduate course.

Health Insurance Premium: The premium paid for health insurance that we take for our children can be claimed as a deduction, up to Rs 15000 under section 80D in a year.

Payment of Tuition fees: The tuition fee that most schools, colleges and universities have in India can be deducted under section 80 C up to R1 lakh in a year. Restricted to two dependent children, the amount of deduction should pertain to the actual paid tuition fee. Each parent can claim the benefit for up to two children as husband and wife have a separate limit.

Expenses on treatment of disabilities and certain ailments: If any parent has spent any amount for the treatment of specific disabilities and illnesses of his child then he can claim deduction from his income under two sections – 80DD and 80DDB. According to section 80DD, the expenses incurred towards medical treatment of dependent children suffering from a disability are entitled for deduction.  For a normal disability, the limit of deduction is Rs 50,000 (impairment of at least 40%). For severe disability, the limit is Rs 1lakh (impairment of 80% and above).

According to section 80 DDB, the expenses incurred towards treatment of specified illnesses for children can be deducted up to Rs 40,000.

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Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child View Plans
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *

Deduction of allowances: A mass of allowances paid for expenses aiming the children is specified by the tax law which are allowed by an employer as an income tax deduction of the employee. It includes hostel allowance of Rs 300 per month per child, up to a maximum of two children. The second one is an education allowance in which Rs 100 per month per child is exempted from income up to a maximum of two children. Third one is medical expenses incurred for dependent children. This expense is allowed as a deduction of up to Rs 15,000 per year on showing medical bills.

Minor child’s income: The income earned from the investments made in our child’s name will be clubbed with your income. However, a claim up to Rs 1,500 as a deduction on this income can be made if the investment anywhere in a minor child's name generates an income. For example, investment of up to Rs 15,000 in bank FDs offer an annual return of 10% and is exempted from tax.

Formation of a trust: Setting up a trust in a minor child's name can save tax. You just need to make an irreversible transfer to the trust so that the money will not be claimed. The income made through the investments will be allowed for tax deductible. However, the trust has to pay tax on this income but if the income is clubbed then the total tax liability will be lower.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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