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Investments can be complicated, especially when considered from the perspective of tax savings. Unit-Linked Insurance Plans (ULIPs) are one of the easiest and most straightforward tax saving investment vehicles. While there are other tax saving investment options They help you accomplish both the tasks - building a corpus of funds and saving taxes at the same time. By choosing the right ULIP, you can now up your financial game by a notch, because ULIPs also come with a substantial life cover - with the right ULIP, you can expect complete peace of mind.
So what is a good ULIP? Well, ULIPs, as we highlighted earlier, are tax saving investment instruments. While the life cover component is more or less straightforward, the investment component usually comes with questions. A good ULIP should help you accomplish your specific financial goals without compromise. It should adapt to your financial situation and goals rather than the other way around. The Invest 4G plan by Canara HSBC Life Insurance is one of the best tax saving investment options that you can buy in the market today.
The Invest 4G plan comes with the best features available in ULIPs today. In terms of investments, the Invest 4G plan allows you to customise your investment through two factors: first, by letting you pick the funds that you invest in, and secondly, by letting you choose from four resilient portfolio management options.
With the Invest 4G plan, you can pick from a wide range of funds, which cater to buyers with varying degrees of risk appetite. You can choose low risk funds like the Liquid Fund or slightly riskier equity based funds.
With this flexibility, you are no longer bound by a portfolio that caters to a single degree of risk appetite. If your financial situation and goals allow you to invest with a greater degree of risk, you can now play by your rules and generate greater returns. The Invest 4G plan also comes with four different portfolio management options:
Systematic Transfer Option: With this option, you can invest in an equity-oriented fund without worrying about market volatility and the associated risk. First, your entire premium is allocated to the Liquid fund and then transferred on a monthly basis to equity-oriented funds.
Return Protector Option: With this option, you can safeguard the gains you have already made from an equity fund by transferring them to a lower-risk fund.
Auto Funds Rebalancing: On the basis of allocation proportions chosen by you, thi option allows you to maintain your allocation of investments irrespective of the market movement.
Safety Switch Option: With this option, you can safeguard your funds by transferring them to a low-risk Liquid Fund at the beginning of the later policy years.
With this degree of customisation, you can now create a comprehensive investment plan that actually helps your funds grow in the best possible way.
Apart from portfolio customisation, the Invest 4G plan comes with additional features like return of mortality charges, wealth boosters, loyalty additions, and life option with premium funding. With the last option, your family is paid the assured sum or 105% of the premiums paid, whichever is higher. At the same time, the company also funds all of your future premiums, which are paid to your family on the date of maturity.
In addition to a solid life cover, the premiums paid towards the Invest 4G Plan are eligible for tax deductions under Section 80C of the Income Tax Act, 1961 upto ₹2.5 Lakhs. However, the aggregate amount of deductions under section 80C, section 80CCC and 80CCD (1) shall not, in any case, exceed ₹2.5 Lakhs, although there is no limit on the amount of premiums that you can pay towards the Invest 4G plan. What's more, the funds that you received at the time of maturity are also exempt from tax, subject to the applicable provisions of Section 10(10D) of the Income Tax Act, 1961. ULIP policy issued on or after 1st Feb 2021, for which amount of premium payable for any of year during term of policy exceeds Rs. 2.5 Lakhs is not eligible for exemption under section 10(10D) and thus shall be taxable under section as capital gains under section 112A.
Under the Invest 4G plan, you can also opt for partial withdrawals and settlement options. This makes it one of the best tax saving investment options which comes with a life cover and best-in-class features on both investment and insurance components. Without a solid tax saving plan, investments can only get you so far on your savings. However, with tax savings built into your investment plan, you can turn your savings into a substantial corpus of funds, helping you achieve your life goals faster. Buy the Invest 4G plan from the Canara HSBC Life Insurance, and make a leap to a financially smart life.
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