Investment Plan

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Investment plans are life insurance plans that offer various multiple avenues to not only save but also to grow your money. These investments plan helps in disciplined investment, ensuring that you and your family achieve your financial goals. Investment plans help you save regularly to meet the family’s future financial needs. Investments plans provide insurance coverage too. A death benefit is assured under the plan, which is payable on unfortunate death of the insured person during the policy period. Hence, Investment plans serves the dual purpose of Wealth Creation and Protection. Every individual has dreams and goals that go beyond the bare necessities of life. Investment plans help you save your income in a systematic manner to fulfil various goals. Investment plans also act as a great means to plan your retirement and to invest in your children’s future.

Investment plans are customized Investment plans for an individual with the aim to create a disciplined and periodic investment and finally achieve their future long-term financial goals along with an element of insurance cover.

There are various Types of Investment Plan, The most common types of Investment plans available in Indian Insurance Market are:

1. Participating Endowment Plan:

Participating Endowment Plans are perfect for individuals who wish to avail the dual benefit of investment plus insurance under the same roof. Endowment Plans provide the comfort of a guaranteed maturity.

2. Unit Linked Investment Plans (ULIP):

ULIP or Unit Linked Plans are a combination of insurance with investment where the maturity amount is not guaranteed. In these types of plans, the maturity amount depends on the fund chosen and the performance of the fund.

In ULIPs, the policyholder has an option to select the investment category based on the risk appetite. Client can chose to invest into Equity or Debt or a combination of both. Unit Linked Insurance Plans are considered to be one of the best investment avenues in India for those who are looking for coverage cum investment options. ULIPs offer both financial protection and life coverage. Even though the return on ULIP are subject to market risk, they help in wealth creation on a longer term and hence the final yield is much better as compared to other investment options. The ULIP funds can be invested either into equity or debt funds or into a combination of both i.e. Balance Fund. The market value of the equity fund or debt fund is calculated on the NAV (Net Asset Value) criteria.

3. Guaranteed Return Plan:

Guaranteed Return Plans are a different variant of endowment plans. These plans offer an assured return to the policyholder at the maturity of a specific investment policy. There are various investment plans available in the market under this category, and the investor can compare to know the guaranteed return value and the set of terms and conditions of the said plan.

4. Money Back Plan:

A money-back policy is a policy which gives pay outs at regular intervals. These pay outs are made during the plan tenure and is a percentage of the Sum Assured. Money-back pay-outs are called Survival Benefits. These benefits are paid during the plan tenure. Upon maturity, the remaining Sum Assured is paid along with vested bonuses. However, if the insured dies during the plan tenure, the full Sum Assured is paid irrespective of the Survival Benefits already paid.

Tax Exemption under Section 80C on Premium Paid:

The premium paid in a financial year is eligible for deduction under section 80C of the Income Tax Act. An individual or an HUF can claim this deduction under Section 80C.The premium paid by a taxpayer is eligible for deduction irrespective of which Life Insurer you choose. To claim deduction under section 80C, the premium paid should not exceed 10% of the sum assured. Further, here it is important to note that covering the life of an individual with a disability referred to under Section 80U or a disease referred to under Section 80DDB, the requirement to claim the deduction under Section 80C is that the premium should not exceed 15% of the sum assured.

Tax Exemption under section 10(10D) on Maturity amount received:

When the premium paid on the policy does not exceed 10% of the sum assured for policies issued after 1 April 2012 and 20% of sum assured for policies issued before 1 April 2012– any amount received on maturity of a life insurance policy or amount received as bonus is fully exempt from Income Tax under Section 10(10D). Also covered here are policies taken after 1 April 2013, on the life of a person with a disability or a disease specified under Sections 80U and 80DDB respectively, where the amount received on maturity is tax-free provided the premium paid does not exceed 15% of the sum assured.