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Tax savings on GST paid for insurance
o Premiums paid for life insurance policies are eligible for deductions under Section 80C of the Income Tax Act, up to a limit of ₹1.5 lakh annually.
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Insurance Premium Tax Exemption and Deductions
Premiums paid towards life insurance policies qualify for a tax deduction on insurance up to ₹1.5 lakh under Section 80C. This deduction applies to premiums paid for yourself, your spouse, and dependent children.