Tax Planning

3 Things Spiderman Can Teach You About Tax Planning

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Spiderman is a high school kid. He is too young to be a superhero, at his age teenagers are mostly sidekicks to the main superhero. But a deep interest in science saw him transform from a geeky teenager into a world class, crime fighting superhero, all thanks to a radioactive spider!

He is one of the smartest and most popular superheroes of all times. Although, one of the lesser known facts about Spiderman is his amazing power to inspire fans towards better tax planning. While he struggles with extreme super villains, we the fans have villains of our own to beat.

Villains like the menace of Tax Monster.

Do you know Peter Parker can help you to fight with the tax monster?

Yes he can.

Here would be Spiderman’s three-point plan to save taxes the right way:

  1. Buying a durable cover

The most important part of being a superhero is the identity, which is where a good costume or cover comes in. A good costume is not just about attractive colours. It’s an important part of the superhero’s personality. It’s no surprise then that most superheroes can weave their own costumes. It’s important for anyone to note what protects them and also makes them look good while they’re at it. It offers him coverage literally and protects his identity at all times.

An individual also needs a good cover that offers him protection and security in key moments. That’s where a life insurance policy comes in. We recommend term insurance plans, particularly Online Term Plans. With Online Term Plans, individuals can opt for a larger cover at relatively low premiums.

And you collect tax savings in the process under Section 80C, up to a maximum of Rs 1,50,000.

  1. Grab some power

The web slingers’ real power comes from being able to cling to any situation and fight through it. It allows him to scale great heights and achieve just about anything.

Individuals can draw a lot of power from their investments, provided they are carefully selected. This is where ULIPs (unit-linked plans) can help you. ULIPs invest premiums in capital markets (debt and equities) which over the long-term can accumulate significant wealth for policyholders. You can plan for children’s education and marriage, retirement, down payment of house with the ULIP monies. Always ensure that your investments keep you ready, for when you reach your “radioactive moment”, you must achieve greatness too.

Again, the good news is you can avail of tax benefits under Section 80C on your ULIP premiums. And also get tax free returns under Section 10(10D)

  1. Get your own safety net

Everyone needs a safety net and no one knows this better than Spiderman, who is mid-air for a better part of his fight against crime. But fortunately for him, he is good at spinning the web, which is the ideal safety net (pun intended).

You too, need a safety net during critical phases of your life, like post-retirement for instance. It’s a time when you must deal with inflated expenses, higher medical/ healthcare costs and limited income. This is where a good retirement plan can be the perfect safety net for you.

Insurance / retirement plans offer tax benefits under Section 80C, so your money is working overtime.

Spiderman has a lot to offer to the regular individual and we don’t mean just entertainment. His peculiar styles of action and superhero antics have provided abiding lessons for the tax-paying investor, looking to lower his tax burden. The best part is that tax saving is just the icing on the cake, you stand to benefit immensely from the products (online term plans, ULIPs, retirement plans) by way of a more secured lifestyle.

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