Moreover, insurance policies not only save your tax but save your money which might get wasted on unforeseen unfortunate incidents. Talking about the right time, then those who prefer paying in monthly mode must opt for the life term insurance policy at the beginning of the financial year. Health InsuranceHighly advised to insure oneself, spouse, kids and parents to tackle the medical emergencies without adding the financial worry, health insurance are quite an essential commodity to add in the portfolio. Another quite significant contribution can be made by health insurance in saving your tax under Section 80D of the Income Tax Act. Yes, a person eligible to pay taxes must select health and life term insurance to save taxes as by intelligently investing in tax-saving mechanisms under both Section 80C and Section 80D of the Income Tax Act, one can avail the maximum tax rebate on your total taxable income.

Source: dna May 28, 2021 09:00 UTC