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2. Tax Deductions Under Section 10 (10D) of the Income Tax Act
For insurance policies that were issued before April 1st, 2012, tax exemptions are available on payouts under Section 10(10D) of the Income Tax Act if the total premiums paid are not more than 20% of the total sum assured received.
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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.