As we move through life, our responsibilities grow—buying a home, supporting our families, planning for retirement, and ensuring that our loved ones are taken care of in case of the unforeseen. However, one solution provides peace of mind on multiple fronts: Term Insurance..Imagine a plan that provides essential financial protection for your family in case of your untimely passing and offers attractive tax benefits—helping you save more while safeguarding your future. The Aviva Signature 3D Term Plan – Platinum does just that. It’s a perfect blend of financial protection and tax-saving advantages, ensuring that you get more than just a life cover.
The Dual Advantage: Financial Protection and Tax Benefits
One of the key benefits of the Aviva Signature 3D Term Plan – Platinum is that it offers a dual advantage—financial protection for your family and tax benefits for you. This makes it an essential addition to any well-rounded financial portfolio. Let’s explore how these two elements work together to your advantage.1. Financial Protection for Your Family
The primary purpose of any Term Insurance plan is to provide financial protection to your family in the event of your untimely demise. Aviva Signature 3D Term Plan – Platinum is a Pure Risk Life Insurance Plan, which ensures that your family is well taken care of if something happens to you.
This plan offers two coverage options:
- Life Protect: This option provides a uniform amount of life insurance coverage throughout the policy term. If you pass away during the policy term, your family will receive the full base sum assured, ensuring they are financially secure. This is a pure risk term life insurance plan.
- Credit Protect: This option is tailored for individuals with outstanding loans. It ensures that the outstanding loan amounts are repaid in case the policyholder passes away, allowing their family to remain financially stable without the added burden of loan repayments.
Aviva Signature 3D Term Plan – Platinum also offers additional riders that can enhance the coverage further. These include Accidental Casualty, Critical Illness, and Cancer Cardio riders, providing added protection for unforeseen events that could otherwise financially cripple your family.
Whether you choose Life Protect for overall life coverage or Credit Protect to cover outstanding loans, the plan ensures that your loved ones are financially secure, regardless of what life throws their way.
Tax Benefits: Save While You Protect
While providing security for your family, Aviva Signature 3D Term Plan – Platinum also offers significant tax benefits that can help reduce your taxable income. Let’s explore the tax advantages in detail.
Tax Deduction Under Section 80C
One of the most attractive features of this plan is that the premiums you pay for the policy are eligible for a tax deduction under Section 80C of the Income Tax Act. This allows you to reduce your taxable income by up to ₹1.5 lakh annually.
For many individuals, this tax-saving opportunity is an essential factor when considering life insurance plans. By buying a Term Insurance, you’re not just securing your family’s future, but you’re also lowering your current tax liability—making it a win-win situation.
Exemption on Death Benefit Under Section 10(10D)
In addition to the tax deduction on premiums, the death benefit paid to your nominees under the Aviva Signature 3D Term Plan – Platinum is also tax-exempt under Section 10(10D) of the Income Tax Act. This means that the payout your family receives upon your death is free from taxation, ensuring they receive the full amount without any deductions.
This is a major advantage of Term Insurance, as it allows your beneficiaries to receive the benefits without the burden of paying taxes, helping them cope with the financial strain during a difficult time.
Maximised Savings, Minimising Liabilities
With the tax-saving benefits available under Section 80C and Section 10(10D), the Aviva Signature 3D Term Plan – Platinum allows you to maximise your savings while minimising your tax liabilities. The combination of financial protection and tax benefits makes this plan an ideal choice for individuals looking to secure their future while saving money on taxes.
Why Comprehensive Coverage Matters
Life, by its very nature, is uncertain. It’s filled with moments of joy and challenges, but it’s also marked by risks that we can’t always foresee. In the face of these uncertainties, having a Term Insurance policy can be one of the best ways to ensure that your loved ones are protected financially when you’re no longer there to provide for them.
While life insurance is traditionally seen as a financial assurance in case the policyholder is no more around, Aviva Signature 3D Term Plan – Platinum takes protection a step further. It is designed to cover more than just the financial needs of your family—it also works as a smart tax-saving instrument that benefits you today.
Managing financial responsibilities and planning for the future is more important than ever. This plan provides the dual advantage of financial protection and tax benefits, making it a must-have for anyone looking to secure their family’s future while maximising savings.
With the peace of mind that comes from knowing your loved ones are protected and the added benefit of reducing your tax liability, this plan offers you more than just life insurance. It’s a comprehensive financial solution designed to meet your needs today and in the future.
*Standard T&C Apply
**Tax benefits are subject to change in prevalent tax laws.
***Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.
****Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
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