A Life insurance Policy is one tool that can help you save taxes under section 80C of the Income Tax Act, 1961. Similarly, you can also avail tax benefits on the returns under section 10(10D) of the Income Tax Act, 1961. Read below to understand all about tax benefits on life insurance in detail.
You can claim a tax deduction up to Rs. 5000 within existing limits of section 80D.
Note: You can only claim tax deduction on preventive health check-up if your premium paid is less than the maximum allowed limit.
For family members with severe disability, tax deductions up to Rs. 1,25,000. This covers disabilities such as low vision, cerebral palsy, blindness, etc.
Sum assured received towards life insurance policy qualifies for deduction under section 10(10D)
This sum assured can be in the form of
There is no cap on maximum deduction that can be availed under this section. Deduction under this section is not applicable on pay-outs for pension plans, annuity plans or insurance policies sponsored by employers.
You can buy a life insurance plan to avail tax benefits under various sections of the Income Tax Act. You can buy a life insurance policy online as they are low cost and give you an option to compare plans offered by various insurers
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