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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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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.