By: FPJ Web Desk | December 02, 2022
Tax deduction: On premium of Rs 20,000 for senior citize, Rs 15,000 for all. Type: Insurance policy to cover hospitalisation and accident.
Lock-in: 5 years Tax deduction cap: Rs 1.5 Lakh Type: Insurance policy where part of premium is invested.
Lock-in period: 3 years Tax deduction cap: Rs 1.5 Lakh Type: Mutual funds that invest in stock markets.
Lock-in: Till age of 60 Tax deduction cap: Rs 1.5 lakh Type: State-backed pension scheme for government employees
Lock-in: 5 years Tax deduction cap: Rs 1.5 lakh Type: Government backed savings instruments offered at post offices.
Lock-in: 5 years Tax deduction cap: Rs 1.5 lakh Type: Government-backed fund for saving and long-term investment.
Lock-in: 5 years Tax deduction cap: Rs 1.5 lakh Type: Employees and employers add 12% of basic salary to it every month.
Lock-in: 5 years extendable to 21 years Tax deduction cap: Rs 1.5 lakh Type: Government savings scheme with minimum Rs 250 investment & 7.6% interest.
Lock-in: 5 years Tax deduction cap: Rs 1.5 lakh Type: Investment instrument offered by banks to earn interest on deposit.
Lock-in: 5 years Tax deduction cap: Rs 1.5 lakh Type: Government-backed savings scheme for senior citizens.