Does Child Education plan help in Tax Saving in India?

2022-05-25

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A child education plan offers significant tax-saving benefits on both the premiums paid and on the policy benefits received upon maturity and during the policy term. The premium paid under a child education plan, up to an amount of 1.5 lakh, is tax deductible under Section 80C of the Income Tax Act 1961. On the other hand, the policy benefits received during the plan's duration and upon completion of the policy period are exempt from taxation, according to the regulations of Section 10(10D) of the Act.

It is advisable to consider here that the tax benefits associated with the child education plans are valid as per the prevailing Income Tax laws. From time to time, these tax laws are subject to amendments. For any tax-related queries, therefore, you must contact an independent tax advisor.

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1 About my Child

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My child's name is {name} {name} age is {age} years (Current age)

{name} would like to do

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Current cost of doing {career} is {cost}

My current savings for {name} are {savings}

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My name is {name}

my mobile number is {mobile}

You start investing when {name} age is: {initialAge} years

Maturity amount received by {name}

{name} becomes an {career} Professional

For {name} Education as: {career}

You should start saving

{maturityAmount}

For remaining {remainingYears} years

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*Disclaimer-

The above calculation and illustration of figures are indicative only and not on actual basis.

Child education plans allow you to diversify your financial portfolio with opportunities to maximize your savings while securing the future needs of your child.

With child education plans from Canara HSBC Life Insurance, you can also make partial withdrawals throughout the policy tenure, to take care of any immediate needs that may come up. Therefore, it is sensible that you take your time in understanding the various features and benefits on offer under different child education plans before choosing an appropriate investment plan so that your child can continue living their dreams and never have to worry about money as they grow.

Child Education Plans with Canara HSBC Life Insurance

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

Know About Rider Benefits under Child Insurance Plans

What are the features of a Child Education Plan?

Child Insurance - Top Selling Plans

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