1. ELSS Mutual Funds
Equity Linked Savings Schemes are mutual fund investment schemes that invest a large percentage of their portfolio in equity. Furthermore, the fund has a mandatory lock-in period of 3 years which is the shortest amongst all the investment products.
2. Unit Linked Insurance Plan (ULIP)
ULIP Life Insurance Plan is one of the most important investment plans in India. It ensures that one’s family is financially balanced in the case of an event of death. By purchasing a life insurance policy, the taxpayer can avail of the benefit under the income tax act.
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3. National Pension Scheme ( NPS )
NPS or National Pension Scheme has become a popular income tax saving investment product. It is a tax saving option that is available to both government and private employees. It enables the depositor to build a corpus for their retirement along with a regular monthly income. The amount invested by the depositor is invested in several schemes including the equity markets.
4. Health Insurance premium under section 80D:
You can claim a tax benefit up to Rs. 25,000 in respect of the below contributions:
Premium paid to keep in force health insurance covering self, spouse, or dependent children.
Any contribution to Central Health Government Schemes.
Any other scheme may be notified by the central government as eligible for deduction.
In order to take care of one’s medical emergencies, medical insurance is considered as the safest investment option. This allows the taxpayer to avail of the benefits on two fronts. Firstly, being taken care of by the insurance policy in the case of a medical emergency. Secondly, the tax benefit under the income tax act for investing in an investment product.
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