Save Tax with Karur Vysya Bank Products

As far as tax saving is concerned, Karur Vysya bank is best as it offers dual use financial products which offer tax saving opportunities too.

Tax saving under section 80C:

This section allows the taxpayers to increase the limit of income exempted from taxes by a maximum of Rupees 1.5 lakhs. Following are some products from Karur Vysya Bank (KVB) which offer tax benefits:

KVB's Tax Shield FD scheme:

Unlike most of the tax saving investment vehicles which carry a long period of investment, KYB offers a fixed deposit scheme which qualifies for tax saving under section 80C with a fixed lock in tenure of just 5 years. As far as tax saving vehicles is concerned, the investment period is around 10 to 15 years, whereas KVB offers it in 5 years too.

Tax saving products under section 80D:

Mainly the health insurance products lie under this category for tax saving purposes and KVB along with Bajaj Allianz offer certain products for this purpose:

  1. Insta Insure: It is basically a single family floater health plan which not only covers the cost of hospitalization but also provides accidental cover (personal).
  2. Silver Health Policy: Generally, the senior citizens are not covered for health insurance under general medical insurance plans. Hence, this plan provides health cover to senior citizens with tax exemption.
  3. Critical Illness Policy: This plan renders tax benefit along with providing cover for critical diseases like heart attack, cancer, paralysis, etc.
  4. Hospital Cash Policy: To cover hospitalization costs which are not covered under other health insurance products this plan has been introduced which also provides tax exemption up to a maximum of Rs. 15000 per year.
  5. Star Package Policy: This is the extreme higher end policy intended to serve whole family at the same time. The ultimate benefits of the policy include everything one needs to be insured i.e. everything from critical illness to public liabilities.
  6. Individual Health Guard: Under this scheme, cashless facilities are provided in 2300 hospitals across India.
  7. Family Floater Health Guard: This plan provides cashless health cover to the family and re-imbursement of costs incurred by policy holder or family within 14 days of submission of documents and bills.
  8. Extra Car Insurance: It is a top-up single premium health insurance plan which provides tax benefit of up to Rs 15000.