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Glossary
Section 80C: An income tax provision allowing deductions up to ₹1.5 lakh on eligible investments, including life insurance premiums
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Life Insurance Tax Benefits Under the Income Tax Act, 1961
Section 80C: Section 80C under the old tax regime allows tax deductions for premiums paid towards life insurance policies. Total deductions of up to ₹1.5 lakh are allowed under this Section, which makes it one of the best life insurance tax benefits available to policyholders. However, to claim this benefit, ensure your premium is not more than 10% of the total sum assured. For example, if the sum assured is ₹10 lakh, the premium should not exceed ₹1 lakh.