If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track
Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that
A perfect financial planning is that which gives you the opportunity to create future wealth, allows you to enjoy income tax benefits and offers life coverage at the same time. So, you must be thinking how you can receive all these benefits under one single plan. Here we will tell you about three tax-saving instruments that will give you all the three benefits at the cost of one.
Unit Linked Insurance Plans
Unit Linked Insurance Plans or ULIPs are investment plans offered by insurance companies. ULIPs are considered one of the best instruments for tax saving investments in terms of returns. In the past 3 years, ULIPs are found to give 9.8% returns. You also enjoy income tax exemption under 10(10D) of Income Tax Act. Moreover, ULIPs offer life coverage that protects your family financially against unforeseen future events.
Smart Tip on Investing in ULIPs
You need not be an expert in market timing to get high ROI from your investment plans. A tactful asset allocation will help you get good returns on your investment. Start by investing in a debt fund, and then gradually switch your money to equity funds for higher returns.
Pension Plans
Pension plans also are investment plans that offer life coverage as well. If you want to build a sizeable kitty for your post-retirement days, consider pension plans as they offer the dual benefits of investment and insurance. Section 80CCC allows you to enjoy tax benefits under pension plans. Pension plans provide with the opportunity for good tax saving investments and they also promises high returns. In the past three years, pension plan have given 7-14% returns of investments. So if you are concerned about your post-retirement life, consider investing in a pension plan now.
Smart Tip for Investing in Pension Plans
Pension plans offered by both insurance companies and mutual funds are good instruments of tax saving investments. However, it is better to invest in pension plans offered by mutual funds as they give higher returns than those offered by insurance companies.
Insurance Plans
Different types of insurance plans are available in the market. Insurance plans are good tax-saving investments, especially for risk averse individuals. Though the ROI from insurance plan are less high in comparison with ULIPs and pension plans (5.5 – 6% returns on a 20 years plan), but the risk associated with insurance plans are much lower than the two investment plans mentioned above. You can choose from a wide range of insurance plans made available by the insurance providers in our country. So if you want really want insurance protection along with tax-saving investments, investing in an insurance plan from a good life insurance company would be the best option for you.
Smart Tip on Investing in an Insurance Plan
Insurance plans, as you know, are long term investment plans. So, if you find it difficult to afford the payment of premiums for such a long period of time, turn your plan to a paid-up policy. This will help you end the premiums but the cover will continue throughout the period as assured.
Instruments for tax-saving investments are numerous in the market. Apart from the three mentioned above, others instruments include ELSS Funds, NPS, Public Provident Funds, Voluntary Provident Funds, Bank FDs and NSCs etc. Among these all, ELSS funds or Equity Linked savings Schemes are found to offer the highest return on your investments.
So, do your research thoroughly on different types of investment plans. It will help you choose the right plan that meets all your financial requirements while giving you the opportunity to fulfil your financial goal for future.
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