Deductions From Gross Income On Life Insurance Premium Paid, Service Location India, Mode Online, Service Type Individual Health Insurance

Under sec. 80c of the income tax act. Premiums paid up up to a limit of rs. 1, 00, 000 subject to maximum of 20% of capital sum assured under traditional & unit linked plans. Under sec. 80ccc of the income tax act. Premiums paid up to maximum of rs. 1, 00, 000 under pension plans. However, U/s. 80 cce, The aggregate amount of and section 80ccd shall, Section 80ccc, Deduction under section 80c not, In any case exceed one lakh rupees. Under sec. 80dd of the income tax act. Premiums paid under plans exclusively for physically handicapped persons upto rs. 50, 000/, If the situation arises of severe disability as certified & issued by the medical authority upto rs. 75, 000/, Exemption of life insurance proceeds. Under sec. 10 10d of the income tax act. Maturity benefits are tax free. However in cases where premium exceeds 20% of capital sum assured within a year, Benefits paid beyond premiums paid will be taxable. Death benefits are tax, Free.