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Key Takeaways
Riders such as critical illness, accidental death, and disability benefits offer tax deductions under Section 80D when they include health-related coverage.
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Features of Life Insurance Plans
Tax Benefits: Various kinds of life insurance plans have different tax benefits as per relevant sections of the Income Tax Act. Generally, the premium paid for a life insurance policy is tax-deductible up to Rs. 1.5 lakhs under Section 80C . The payout received from an insurance policy, too, is exempt from tax under Section 10(10D) of the ITA. Additionally, premiums paid toward riders like critical illness and surgical care can also be claimed as deductions under Section 80D.