How to save tax by taking a Unit Linked Insurance Plan (ULIP)?

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Best Performing Mutual Funds

1. Largecap Funds:  Invest Online
1. DSP BlackRock Top 100 Fund
2. ICICI Prudential Focused Blue Chip Fund
3. Birla Sun Life Front Line Equity Fund
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1. ICICI Prudential Dynamic Plan
2. HDFC Top 200 Fund
3. UTI Dividend Yield Fund
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1. Reliance Equity Opportunities Fund
2. DSP BlackRock Small & Midcap Fund
3. Sundaram Select Midcap
4. IDFC Premier Equity Fund
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1. DSP BlackRock MicroCap Fund
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1. Reliance Banking Fund
2. Reliance Banking Fund
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1. Relaince Gold Savings Fund
2. ICICI Prudential Regular Gold Savings Fund
3. HDFC Gold Fund
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3. DSP BlackRock Tax Saver Fund
4. Reliance Tax Saver (ELSS) Fund

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Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

1.      ICICI Prudential Tax Plan  Invest Online

2.      HDFC TaxSaver   Invest Online

3.      DSP BlackRock Tax Saver Fund   Invest Online

4.      Birla Sun Life Tax Relief '96 Invest Online

5.      Reliance Tax Saver (ELSS) Fund   Invest Online

6.      IDFC Tax Advantage (ELSS) Fund  Invest Online

7.      SBI Magnum Tax Gain Scheme 1993   Invest Online

8.      Sundaram Tax Saver   Invest Online

 

How to save tax by taking a Unit Linked Insurance Plan (ULIP)?


Unit-Linked Insurance Plan (ULIP) is life insurance solution that provides for the benefits of risk protection and flexibility in investment. Part of the premium you pay goes towards the sum assured (amount you get in a life insurance policy) and the balance will be invested in whichever investments you choose as per what is available under the scheme - equity, debt or a mixture of both.

Summary of ULIP Details

 

	Return (p.a.)		Market linked
Risk		Market and Fund manager risk
Lock In		5 years
Income from Investment		N.A.
Maturity Proceeds		·         Exempt under Section 10(10)D for any sum received from insurance policy as maturity proceeds. Death benefits are exempt from tax. ·         However for ULIPs the maturity benefit is tax free only if the premium paid per year is less the 20% of the life insurance cover. In other words the life cover has to be at least 5 times the premium.
NRI/PIO eligible		Yes