In the Union Budget 2023, Finance Minister Nirmala Sitharaman proposed that life insurance policies with an annual premium of 5 lakhs and above will be taxable in the new Financial Year 2023-24.
However, ULIPs remain unaffected from the changes.All investments made in traditional life insurance policies except ULIP after March 31, 2023 will fall under the proposition. But if you invest before that, you can save in taxes as high as Rs 17 lakhs. Especially if you fall under the highest tax brackets, investing before March 31 will be a smart move to
increase life cover and save taxes.If you invest now through monthly mode, you can enjoy a lifetime of tax-free returns on your life
insurance policy. It can also earn you returns as high as 7.5%.
Note that all maturity and death benefits will continue to remain tax-free as per current regulations.
Here’s the good news – March 31 is still a few weeks away. It is a perfect opportunity for all HNIs and other individuals to save on income tax.
➡️ Playlists to Checkout:
1. Insurance Guide 2022 - https://www.youtube.com/playlist?list=PLwCcqCf8DoYegR-xUtftyKweMb2IuQPBl
2. Car Insurance Guide 2022 -https://www.youtube.com/playlist?list=PLwCcqCf8DoYexgOfvxkAZHxORDK9gSeI7
3. Life Insurance Guide 2022 - https://www.youtube.com/playlist?list=PLwCcqCf8DoYf9IY50uyYkhktmamzYNJvW
4. Health Insurance Guide 2022 - https://www.youtube.com/playlist?list=PLwCcqCf8DoYdUSCvn7lZG3SK2j9iPDDsh
5. ULIP Guide 2022 - https://www.youtube.com/playlist?list=PLwCcqCf8DoYcsDZXdyMqNwr0z92uEgZK0
6. Investment Plan Guide 2022 - https://www.youtube.com/playlist?list=PLwCcqCf8DoYdBk-MThvHd7bYo38QEwj-6
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However, ULIPs remain unaffected from the changes.All investments made in traditional life insurance policies except ULIP after March 31, 2023 will fall under the proposition. But if you invest before that, you can save in taxes as high as Rs 17 lakhs. Especially if you fall under the highest tax brackets, investing before March 31 will be a smart move to
increase life cover and save taxes.If you invest now through monthly mode, you can enjoy a lifetime of tax-free returns on your life
insurance policy. It can also earn you returns as high as 7.5%.
Note that all maturity and death benefits will continue to remain tax-free as per current regulations.
Here’s the good news – March 31 is still a few weeks away. It is a perfect opportunity for all HNIs and other individuals to save on income tax.
➡️ Playlists to Checkout:
1. Insurance Guide 2022 - https://www.youtube.com/playlist?list=PLwCcqCf8DoYegR-xUtftyKweMb2IuQPBl
2. Car Insurance Guide 2022 -https://www.youtube.com/playlist?list=PLwCcqCf8DoYexgOfvxkAZHxORDK9gSeI7
3. Life Insurance Guide 2022 - https://www.youtube.com/playlist?list=PLwCcqCf8DoYf9IY50uyYkhktmamzYNJvW
4. Health Insurance Guide 2022 - https://www.youtube.com/playlist?list=PLwCcqCf8DoYdUSCvn7lZG3SK2j9iPDDsh
5. ULIP Guide 2022 - https://www.youtube.com/playlist?list=PLwCcqCf8DoYcsDZXdyMqNwr0z92uEgZK0
6. Investment Plan Guide 2022 - https://www.youtube.com/playlist?list=PLwCcqCf8DoYdBk-MThvHd7bYo38QEwj-6
--------------------------------------------------------------------------------------------------------------------------------------------
???? Subscribe Here - https://bit.ly/3vtFYlf
Got a question about insurance, AskPB is there for you.
Visit https://bit.ly/3JJASuX
Register your queries.
Connect with us:
➡️ Facebook: https://www.facebook.com/Policybazaar/
➡️ Instagram: https://www.instagram.com/policybazaar/
➡️ Twitter: https://twitter.com/policybazaar
➡️ LinkedIn: https://www.linkedin.com/company/policybazaar
-------------------------------------------------------------------------------------------
Website - www.policybazaar.com
Compare. Buy. Save.
#insurance #policybazaar
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