LIC Life Insurance Premium for Tax Saving LIC Life insurance policies can be used as tax planning tool as premium paid on Life Insurance Policies is eligible for tax benefits under Section 80C of the Income Tax Act and Maturity proceeds from the policy are also eligible for exemption under section Section 10(10D) and Section 10(10A)(iii). Life Insurance helps Assessee not only in tax saving but also achieving their long term goals and it also provides Comprehensive financial protection against unforeseen events for your family. Maximum Limit – Maximum Deduction allowed under this Section is Rs. 1.50 Lakh and the sum includes payment on other allowable investment option available Under Section 80C of the Income Tax Act,1961. Only life insurance premia paid or deposited during the financial year are allowable as deduction under Section 80C for that year. All regular plans from LIC are considered for tax exemption. On Whose Life insurance premia Can be Pa...
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