Unlock Financial Security with Strategic Year-End Tax Planning

With FY 24-25 ending, taxpayers should seize the opportunity for smart tax planning. Health insurance offers dual benefits of financial security and tax savings under Section 80D. Premiums paid are tax-deductible, with limits for different age groups. SBI General Insurance emphasizes reviewing policies and leveraging digital options for efficient management.

As financial year FY 24-25 draws to a close, taxpayers are presented with the critical opportunity to evaluate their financial strategies. With the March 31st deadline looming, individuals can enhance their financial resilience by optimizing tax benefits through tailored savings, investments, and insurance plans.

Investing in health insurance proves to be a savvy move, not only for ensuring essential healthcare coverage but also for availing significant tax deductions under Section 80D of the Income Tax Act. Premiums paid on health insurance policies are tax-deductible, allowing up to Rs. 25,000 in deductions annually for individuals below 60, and up to Rs. 50,000 for senior citizens.

SBI General Insurance is urging policyholders to review their existing coverage and consider their family's needs, including those of senior members. They offer digital platforms for easy policy management, combining extensive healthcare benefits with financial security, exemplifying trust and growth through numerous prestigious accolades.

(With inputs from agencies.)