Paragraph match score 81.4%
Page A-565
Key Takeaways
Under Section 80C, premiums paid for life insurance policies (term plans, whole life, endowment, ULIPs) qualify for tax deductions up to ₹1.5 lakh per financial year, provided the premium does not exceed 10% of the sum assured.
Page A-390
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.