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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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Glossary

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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Life Insurance Tax Benefits Under the Income Tax Act, 1961

Furthermore, for ULIPs issued after 1 February 2021, the exemption is available only if the annual premium does not exceed ₹2.5 lakh. For ULIPs issued after 1 February 2023, this limit is ₹5 lakh.

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Tax Benefits of Different Life Insurance Policies

ULIP-Specific Tax Benefits : Unit Linked Insurance Plans (ULIPs) offer dual benefits of investment and insurance. The premiums paid for ULIPs are eligible for deductions under Section 80C, while the maturity benefits are tax-free under Section 10(10D). Additionally, the long-term capital gains (LTCG) tax on ULIPs is exempted if the annual premium is below ₹2.5 lakh.

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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.

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Tax Benefits of Different Life Insurance Policies

Tax Deductions on Premiums Paid : Under Section 80C, premiums paid for a life insurance policy are eligible for tax deductions up to ₹1.5 lakh per financial year. This applies to various types of life insurance policies, including term plans, whole life insurance, endowment plans , and ULIPs. However, to avail of this benefit, the premium should not exceed 10% of the sum assured.

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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.

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Tax Benefits of Different Life Insurance Policies

Tax Deductions on Premiums Paid : Under Section 80C, premiums paid for a life insurance policy are eligible for tax deductions up to ₹1.5 lakh per financial year. This applies to various types of life insurance policies, including term plans, whole life insurance, endowment plans , and ULIPs. However, to avail of this benefit, the premium should not exceed 10% of the sum assured.

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Key Takeaways

Maturity and death benefits are fully tax-exempt under Section 10(10D) . Section 10(10A) provides tax benefits on commuted pension amounts. Pension premiums qualify for deductions under Section 80CCC within the ₹1.5 lakh limit.

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Tax Benefits of Different Life Insurance Policies

Tax-Free Payouts Under Section 10(10D) : The maturity proceeds, death benefits, and survival benefits received from a life insurance policy are tax-exempt under Section 10(10D), provided the premium does not exceed the prescribed limits. This ensures that your family receives the entire sum assured without any tax deductions.