How to distribute money

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Hi,

I am 23 years old. My earning is 33k p.m. I have taken a car loan for which my EMI comes Rs. 6700. My other monthly expenses is Rs. 10000. I want to know how efficiently should I distribute Rs 1,20,000 in order to save tax as well as to get better return. I would like to have proper categorization.

Also, please guide me which term plan/LIC/private insurer to pick.

Thanks,

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