Insurance Should Not Be Bought For Saving Tax

Queries Nishant Risbud My friends are advising me to buy insurance policies, both for saving taxes as well as for investment. But social media talks of stocks, which are risky. What should I do? It is wise for an investor to first ensure that they have sufficient health insurance cover to protect themselves from the high cost of healthcare. However, the need for a life insurance policy arises only when you have someone financially dependent on you and your income. But don’t buy an insurance policy with the primary objective of saving taxes. Tax saving should be incidental, the need of an insurance policy is a must, otherwise. There are many influencers on TV and social media, such as on Facebook, Twitter and YouTube. It is very important to get an idea about their credibility, background, and understand their incentives in suggesting a certain product to the world. An important...