Dear Sreekant,
My father is pensioner and I am looking to save 1 lac annually under 80 C.
I have explored many option like ELSS, PPF , NCC , ULIP and Traditional plan.
I know pros and cons of each scheme and some scheme like ULIP and Traditional plan will be taken by me to save insurance cost and I will use that policy as father investment for son.
The reason I am asking for traditional plan because in my recent visit to bank ( not disclosing bank name) they offered me plan where I need to invest 1 lac for 10 years and they will hold money for 5 year and pension will start from 16th year and pension amount would be 1,08,000 annually through out my life and on my death my nominee will get the amount of 15 lac.
I calculated the interest so until 15th year interest is coming as 4.5% but on pension amount interest would be 7.25%.
As FD rates are going down day by day and it will go down further so do you see investing in such plans is okay for sake of fixed income after 15 years ?
If not then what should be best way to save tax from father's income ?
Please advise !!
3 Answers
Hi,
May I know the Life insurance plan name?
Who will be the insured? Is your father going to fund the premium?
Is this tax saving plan for your father or you would like to claim the tax benefit?
Dear Sir,
Plan name is : Kotak Cashback Pension.
Asked a question to save tax for father. He will pay premium.
Plan is basically combination of 2 plan :
Kotak Assured saving plan and Kotak Lifetime income plan.
Hi,
As your father is already a Pensioner, suggest you not to ahead with this Pension insurance plan.
If his objective is to save tax u/s 80c, a post office savings scheme like Senior Citizen Savings Scheme (assuming he is a senior citizen) can be a better option.
Kindly read :
Dear Sir,
Would you suggest me to take that “Pension insurance plan” . My age is 32 years ?
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