How to Generate Better Returns From Life Insurance?
Rakhi Mehta, 31, is a successful marketing manager working in a top mobile handset company. Her salary is Rs 1 lakh a month. But when it comes to cash in hand, she gets Rs around 82,000 a month. Half of the deduction goes to Provident Fund, which anyway adds to her savings. But, what about the rest? Well, that's about Income Tax. Very easily and silently, income tax sweeps off a substantial amount from your salary. Professionals working in corporate houses generally have this common dilemma. Whenever they get their salaries every month, they wonder that a sizeable amount of their earnings is deducted in the form of income tax. Yes, that is a reality! Now, you would wonder whether there is any way out? Is there any solution? Can I save on tax? Yes, of course. The government of India has made several provisions through which you can save tax. Life insurance is the major instrument at your disposal. Under section 80C, you can claim deductions of up to Rs 1.50 lakh on investing in insu
