I have invested 1.5 lac for the last 3 yrs in lic pension plus and 1 lac in jeevan ankur in the last 2 yrs on my wifes behalf. I on the other hand am investing 1 lac for the last 2 yrs in elss mutual funds (Reliance tax saver,canara robeco and idfc). i am planning to stop my wifes policies and invest in elss mutual funds and star comprehensive insurance policy.
As I will be stopping my wifes policy i may not be able to invest in any tax saving instrument in this financial year and will have to pay tax on the return i get from lic pension plus plan. how do i save tax in this regard. I on my part am planning to buy online term insurance plan for 1 cr and continue with my elss mutual funds. is this the right approach. plz advise