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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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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.