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Saving Tax on Life Insurance Premiums
The most popular deductions that allow you to save income tax in India, particularly on your life insurance premiums: Section 80C: Under this section, you can avail deductions of up to ₹1.5 lakhs on your overall insurance premiums.
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Key Takeaways
Life insurance is not just financial protection; it’s also a tax-saving tool under various sections of the Income Tax Act. Under the old tax regime, section 80C offers tax deductions of up to ₹1.5 lakh on life insurance premiums.