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Page A-576
Tax Benefits of Bond Funds in Life Insurance
You may be able to claim deductions under Section 80C of the Income Tax Act for premiums paid towards life insurance policies with investment components, such as ULIPs, up to ₹1.5 lakh per financial year.
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How to Choose the Right ULIP Plan?
Check Out the Tax Benefits: Investing in ULIP offers tax benefits . You can claim a deduction on your ULIP premiums of up to ₹ 1.5 lakh per annum, subject to conditions prescribed under Section 80C of the Income Tax Act, 1961 . Additionally, the maturity benefit is exempted subject to conditions prescribed under Section 10(10D)* of The Income Tax Act, 1961, which further maximises your tax efficiency.