Paragraph match score 86.4%
Page A-558
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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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.