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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.
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.
What are The Types of Life Insurance Policies?
Understand various life insurance policy types and select the right option based on protection needs and long-term financial goals. July 28, 2026 10 minutes read
How Does Life Insurance Help in Tax Saving?
Learn how life insurance helps you save tax under Sections 80C, 10(10D), 80CCC & 80D to maximise your benefits. July 31, 2026 7 minutes read