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Tax Benefits on Different Types of Life Insurance Policies in India
Section 80C: Under this section, policyholders are eligible for a deduction of up to ₹1.5 lakhs on the premium amount paid.
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Additional Benefits of Buying the Best Life Insurance Plan
Tax Benefits: Life insurance policies provide you with tax benefits as well. You can avail of a tax deduction of up to ₹1.5 lakh on the premium paid by you under Section 80C of the Income Tax Act. This helps lower your taxable income. Also, the maturity amount can be tax-free under section 10(10)D of the Income Tax Act. Thus, life insurance provides 2 major tax deductions.