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FAQs

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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3. Tax Benefits under Section 80D

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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Start Young, Pay Less, Stay Secured

Coverage for spouse Block your premium rate Covers 40 critical illness

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Start Young, Pay Less, Stay Secured

Coverage for spouse Block your premium rate Covers 40 critical illness

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Popular Searches

Term Life Insurance Whole Life Insurance Critical Illness Insurance Accidental Death Benefit Rider Compare Life Insurance Quotes Best Life Insurance Companies In India Factors Affecting Life Insurance Premiums

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Popular Searches

Term Life Insurance Whole Life Insurance Critical Illness Insurance Accidental Death Benefit Rider Compare Life Insurance Quotes Best Life Insurance Companies In India Factors Affecting Life Insurance Premiums

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Popular Searches

Life Insurance Rider Life Insurance Plans Types of Life Insurance Term Life Insurance Tax Benefit What is Insurance? Life Insurance Premium Life Insurance For Children

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Popular Searches

Life Insurance Rider Life Insurance Plans Types of Life Insurance Term Life Insurance Tax Benefit What is Insurance? Life Insurance Premium Life Insurance For Children

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Popular Searches

Life Insurance for Seniors Whole Life Insurance Plans Group Life Insurance Plans Life Insurance Claim Process Tax Benefits of Life Insurance

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Popular Searches

Life Insurance for Seniors Whole Life Insurance Plans Group Life Insurance Plans Life Insurance Claim Process Tax Benefits of Life Insurance

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Family Shield: Enhanced Protection

3 Plan options Life cover till 99 years Steady income benefit Block your premium at inception

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Family Shield: Enhanced Protection

3 Plan options Life cover till 99 years Steady income benefit Block your premium at inception

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Fixed Returns, Zero Risks & Worries

4 Plan options Life cover + Guaranteed benefits Accidental death benefit Premium protection cover

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Fixed Returns, Zero Risks & Worries

4 Plan options Life cover + Guaranteed benefits Accidental death benefit Premium protection cover

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Life Insurance - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

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Life Insurance - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

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Tax Benefits Offered Under Life Insurance

Schedule II Exemptions (Formerly Section 10(10D)): Maturity proceeds refer to the amount paid to an investor upon completion of the policy tenure. Under Schedule II (Table S.No. 2) of the Income Tax Act, 2025, earlier covered under Section 10(10D) of the Income Tax Act, 1961, the maturity proceeds that you receive from buying a life insurance policy are exempted. This is subject to the premium paid in any year not exceeding a specified percentage of the sum assured, depending on when the policy was issued. This exemption ensures that the sum assured you or your nominees receive remains tax-free.

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2. Tax Deductions Under Section 10 (10D) of the Income Tax Act

Tax exemptions are available under Section 10(10D) of the Income Tax Act on the payouts made to policyholders of life insurance on reaching maturity as a survival benefit. This is also applicable when the sum assured is paid out to the policyholder’s nominee as a death benefit. However, there are several considerations to be taken into account for tax exemptions under Section 10(10D) of the Income Tax Act.

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What Are the Tax Benefits on Life Insurance Riders?

However, health-related riders, such as a critical illness rider, hospital cash rider, or surgical care rider, are treated differently. The premium for these is eligible for a separate deduction under Section 126 of the Income Tax Act, 2025 (earlier Section 80D), up to ₹25,000 per year (₹50,000 if you or your parents are senior citizens), in addition to the Section 123 limit. Both deductions are available only under the old tax regime.

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3. Tax Benefits under Section 80D

It is possible to claim tax deductions on health insurance premiums and even for life insurance policies that offer additional health cover. For instance, those opting for riders such as Critical Illness Riders, Hospital Care Riders, Surgical Care Riders etc. can avail of deductions under Section 80D. It is possible to claim these deductions on insurance policies availed for self, spouse, children dependent on the policyholder and also your parents regardless of whether they are dependent on you or not. The tax benefits, aside from being available to individuals, can also be availed by members of Hindu Undivided Families (HUFs).