Save Tax using LIC’s Jeevan Aastha (Closing on January 22)

Life Insurance Corporation launched Jeevan Aastha, a single-premium policy (product) in December and is scheduled to close the scheme on January 22. It offers five-year and 10-year investment options to customers.

• If you invest Rs 1 lakh for five years, then you are likely to earn Rs 1.39-1.46 lakh in the range of 6.9-8%, depending on the age bracket you fall.
• If you invest the same amount for 10 years, then the return will be in the range of 7.4-8.4%, which would work to Rs 2.04-2.2.4 lakh, depending on the age bracket you fall.
• The returns decline with the age of the proposer on account of mortality charges.
• Jeevan Aastha has a better tax treatment (compared to fixed deposit) as interest accrued is exempt from taxes, according to industry experts.
• Investments in Jeevan Aastha are exempt from tax under Section 80 C of the I-T Act.

Click here for web page of Jeevan Aastha

Click here for LIC website

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