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Invest wisely and save up to INR 70,200 in taxes with a wide range of investment and insurance options

Tax saving solutions to suit your needs

Grow your wealth. Protect your family. Secure your dreams. All while saving tax.

Section 80C

Find our solutions that can help you save up to INR 46,8001 in taxes

  • Equity Linked Savings Scheme (ELSS) are a special category of mutual funds which invest predominantly in the equity market. They come with a lock-in period of 3 years and give you market-linked returns. The invested amount is also eligible for tax benefits under Section 80C.

    Options to help you save tax – ELSS and Life insurance

    • Equity Linked Savings Scheme (ELSS) are a special category of mutual funds which invest predominantly in the equity market. They come with a lock-in period of 3 years and give you market-linked returns. The invested amount is also eligible for tax benefits under Section 80C.

    • If you are looking for a tax-saving instrument that can help you grow your investment, ELSS is a good bet. Because ELSS are mutual funds investing in the equity market, they have the potential to grow by giving you market linked returns. The lock-in period of 3 years allows your money to grow and ride-out market swings.

    • To invest in equity linked savings schemes, log on to online banking and click on ‘Online Mutual Fund’. Select the fund of your choice and click on ‘buy now’.

    • You can invest in ELSS through Standard Chartered using Online Mutual Funds (OMF). We bring you funds from over 17 AMCs, giving you a wide range of funds to invest in. Simply follow these steps:

      • Log on to online banking;
      • Click on ‘Online Mutual Fund’;
      • Browse through the list of funds using the ‘Buy Fund’ option within OMF and click on ‘purchase’ or ‘set up SIP’ to start or know more.
    • You need to have an investment services account with us and a valid Customer Investment Profile. An updated investment profile helps us ascertain your risk appetite and bring to you products that suit your needs. Click here to know more.

    • Insurance gives you the double benefit of financial security for your loved ones and tax saving. Premiums paid up to ₹1,50,000 in life insurance schemes are exempt from tax under Section 80C subject to conditions. Additionally, if the policy pays you an amount on maturity (like in Savings or wealth creation plans), the maturity proceeds are also exempt from income tax subject to conditions under section 10(10D). You can choose an insurance based on your needs from the options below:

    • Pure protection plans where you can avail large life insurance cover options with low premium payments. Insure your family for INR 1 cr at amounts starting from INR 37 per day. Know more

    • Combine savings with a life cover. Get lump sum value benefits coupled with life insurance. Know more

    • Enjoy potential wealth creation along with the security of life cover. Know more

Section 80D

Get protection and additional savings of up to INR 234001 in taxes with health insurance under section 80D

  • A health insurance plan helps cover you and your loved ones in times of medical exigencies. We bring you a range of plans with a host of benefits from our partners to choose from

    Health Insurance

    • A health insurance plan helps cover you and your loved ones in times of medical exigencies. We bring you a range of plans with a host of benefits from our partners to choose from.

    • Many people mistake insurance as offering tax benefits only under Section 80C, unaware that it can also offer additional benefits under Section 80D. Premiums paid up to ₹25,000 for health insurance covers taken for self, spouse and dependent children are exempt from tax under Section 80D. An additional exemption of ₹25,000 is available for premiums paid on covers for dependent parents. This amount goes up to ₹50,000 in case parents are senior citizens. Hence, the cumulative exemption can go up to ₹75,000 when premiums are paid for self and senior citizen parents. This translates to a tax saving of ₹23,400 at a tax rate of 31.2%

Disclaimer

1The figures mentioned above are for illustrative purposes only. Actual tax benefit will vary from person to person. Tax benefit shown here is calculated at the highest tax slab rate of 31.2% (excluding surcharge if any) and including education cess on the maximum allowable deduction of INR 1,50,000 for ELSS / Life Insurance products under Section 80C  and on the maximum available deduction of  INR 25,000(for non-senior citizen self, spouse and dependent children) and INR 50,000(for senior citizen parents) for health insurance products under Section 80D of the Income Tax Act, 1961. The user/investor needs to verify all the facts and circumstances with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information. Tax laws are subject to amendments from time to time.

Standard Chartered Bank, India having its principal place of business at Crescenzo Building C-38/C-39 G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 is a licensed Corporate Agent of ICICI Prudential Life Insurance Company Limited (IRDAI Reg No. 105) for life insurance products; Royal Sundaram General Insurance Co. Limited (IRDAI Reg No. 102), Bharti AXA General Insurance Company Limited (IRDAI Reg No. 139) and ICICI Lombard General Insurance Company (IRDAI Reg No. 115) for general insurance products and Max Bupa Health Insurance Company Limited (IRDAI Registration no. 145) for standalone health insurance products vide corporate agent number CA0028.

All insurance products are underwritten by the respective insurance companies. Participation in any insurance scheme is purely voluntary, and is not linked to the availment of any other banking products or services from Standard Chartered Bank. The benefits/ features of the products are indicative only. For more details on risk factors and terms and conditions, please read sales brochure carefully before concluding sale. Insurance is the subject matter of solicitation.

The content of this webpage do not constitute a contract of insurance and reference should be made to the respective policies for the exact terms and conditions applicable to the insurance policy. It does not constitute an offer to buy or sell an insurance product or service. It is also not intended to provide any insurance or financial advice. All insurance products described in this webpage are products of and underwritten by the respective insurance companies and not Standard Chartered Bank, India. In facilitating insurance arrangements, the Bank is acting as a corporate agent of the insurer and not as an agent for customers. This webpage is being distributed for general information only and it does not constitute an offer, recommendation, solicitation to enter into any transaction. This webpage has not been prepared for any particular person or class of persons and it has been prepared without regard to the specific investment or insurance objectives, financial situation or particular needs of any person.

Standard Chartered Bank, India does not provide any investment advisory services. Standard Chartered Bank, India is a distributor of mutual funds and a referrer of other third party financial products. Mutual Fund Investments are subject to market risk. Read scheme related documents carefully prior to investing. Past performance is not indicative of future returns. The Online Mutual Funds platform is an EXECUTION-ONLY platform. We are not acting as your investment advisor nor providing investment recommendations in respect of any transaction effected through the Online Mutual Funds platform, and you must not regard it or us as acting in that capacity. You should consult your own independent legal, tax and investment advisors before entering into any transaction via the Online Mutual Funds platform.