Saving tax becomes excruciatingly important for people within the taxable brackets, during the end of the fiscal year. It becomes a necessity to save that money because, in the end, it is the taxpayer who has earned the money and what is paid as tax may be saved to protect their future. Several banks take the advantage of the situation to have tax saving products among their regular product line.
Save Tax with Karur Vysya Bank:
When it comes to saving tax,Karur Vysya Bank is no exception, providing their consumers with fantastic tax saving opportunities in the form of their financial products. In recent times, this bank has picked up in the financial industry with products that are worth investing in and also helps save tax. It is essential to understand that these products are not meant to help save tax to a certain extent and not completely. It is necessary to pay a certain amount of tax to be able to sustain the country, because you need to pay something, to expect development around you. However, it should burn a hole in your pocket, which tax generally tends to do. Our Income Tax department was established with sections under the Income Tax Act that do allow to invest in products which helps tax. Here, are some of the leading ones from Karur Vysya Bank.
Tax Saving Products under 80C:
The Section 80C under the Income Tax Act, allows provisions for a taxpayer save Rs. 1.5 lakhs a year. Here are some the products from Karur Vysya Bank:
KVB’s Tax Shield FD Scheme:
KVB’s Tax Shield Scheme is a fixed deposit scheme under the bank that qualifies for tax saving opportunity under Section 80C where you can deposit with both cumulative and non-cumulative calculations. The scheme tenure is fixed at 5 years which is reasonable time for tax saving opportunity.
Tax Saving Products under 80D:
This is mainly utilized by health insurance products for saving tax and Karur Vysya Bank has certain arrangement for the same with Bajaj Allianz for the following products:
- Critical Illness Policy:Premiums paid for this product are tax deductible. Besides, the tax saving aspect this product covers an individual against 10 serious illnesses such as heart attack, cancer, paralysis, etc.
- Insta Insure:This too helps to save the money investment in this product. This medical insurance is basically is a single family floater health policy. It covers the costs of hospitalization as well as provides personal accident cover.
- Hospital Cash Policy:All the premiums that accumulate up to Rs. 15000 for each year is tax exempted under this section. This policy can be added along with other policies for covering hospitalization costs which are generally not covered by other health insurance products.
- Silver Health Policy:This is a health policy for senior citizens which provides health care coverage for older consumers who cannot generally be covered under regular medical insurances. The best part is that investment in this product is tax exempted.
- Star Package Policy:This is a higher end policy for a single family. This scheme has floating interest rates but covers an amazing range of services and benefits under it for the whole family, which includes everything one can think of including Critical Illness to Public liabilities.
- Individual Health Guard:This single health guard policy is tax exemptible but more importantly it has some amazing features including the fact that you are eligible for cashless facilities across 2300 hospitals all over the country, when you invest in this product.
- Family Floater Health Guard:This is another family health policy with cashless facilities and costs that are incurred by the policyholder or his or her family can be re-impbursement within 14 days of submission of all the documents and bills required for the claim.
- Extra Car Insurance:
This is a top-up health insurance, which one needs to pay the premium for, just once. But this too is tax deductible upto Rs. 15,000 of the money invested in this product.