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Section 80C Limit Exhausted? 5 Investment Options You Can Still Go For

By Finserv MARKETS - Mar 29,2019
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5 investment options.

It’s no surprise that making the right investments will help you get adequate tax deductions. As we come to an end of the tax season, it’s essential for investors to be cognizant of the different investment avenues that are available in India. There are many options available under Section 80C that can help you claim a deduction of up to Rs.1, 50,000. You can opt for investment selections like Equity Linked Savings Scheme (ELSS), Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Senior Citizens Savings Scheme (SCSS) and National Pension Scheme (NPS). If your Section 80C limit has exhausted, then you can always choose any of the below mentioned ULIP offerings:

Public Provident Fund (PPF)

A maximum deposit of Rs.1,50,000 per annum can be made under this account. PPF is a long-term scheme with a lock-in period of 15 years. After 7 years, you’ll be allowed to make partial withdrawals. It’s categorized as Exempt-Exempt-Exempt (EEE) and can be extended for a period of 5 years after maturation. The current PPF rate of interest is an impressive 7.9% per annum.

Equity Linked Savings Scheme (ELSS)

This is an open-ended equity mutual fund, which has a compulsory lock-in tenure of 3 years. ELSS is another long-term investment avenue, which also falls under the EEE category. Most of the funds under this scheme will be invested in the equity market. Make sure to visit Bajaj Finserv website for availing this scheme. The rate of interest will be determined by the market performance.

National Pension System (NPS)

After the amendments that were made a decade ago, this option has become extremely lucrative for investors. The maximum investment limit is Rs. 1.5 lakh for this government scheme, which provides pension on retirement. There is a plethora of NPS options available – each with different risk levels. Make sure to check out Bajaj Finserv Retirement Plan, which offers customers protection up to 100 years.

Senior Citizens Savings Scheme (SCSS)

As the name suggests, this option is tailor-made for investors over the age of 60. However, those who have voluntarily retired and are aged over 55 can also opt for this scheme. The tenure for SCSS is 5 years, which is incidentally also the maturation period. A pre-mature withdrawal can be made after 1 year and this account can be extended for 3 more years after maturity. The current interest rate offered by this plan is 8.4% per annum.

Sukanya Samriddhi Yojana (SSY)

SSY is a scheme specially devised for female children under the age of 10. The investments can be made by parents or legal guardians of the girl child. This scheme comes under the EEE category and up to 2 girls are eligible; 3 in case of twins. The maturity period is 21 years with the current rate of interest being 8.4% per annum.

Now that we have discussed the various benefits, choose one of these ULIP Plans that perfectly suit your requirements. Choosing a best unit linked insurance plans provided by Bajaj Finserv is bound to provide a host of benefits to investors.

Not just tax benefits, high ulip returns is another reason why you should consider investing in such a plan.

“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we works towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522