Tax Advantages in Life Insurance

Tax Advantages in Life Insurance

Tax Deductions on Premiums Paid for a Life Insurance Policy under Section 80C and 10D(D). You can avail tax benefits on premiums paid for a life insurance policy of upto 1.5 Lakhs under 80C and unlimited under 10D(D).

You can claim deductions for premiums paid towards life insurance policies of:

  • Yourself

  • Your spouse

  • Your dependent children

Types of Life Insurance to Help You in Saving Taxes:

  • Term Plan – pure risk cover

  • Unit-linked insurance plan (ULIP) – Insurance + Investment opportunity

  • Endowment Plan – Insurance + Savings

  • Money Back – Periodic returns with insurance cover

  • Whole Life Insurance – Life coverage to the life assured for whole life

  • Child’s Plan – For fulfilling your child’s life goals like education, marriage, etc.

  • Retirement Plan – Plan your retirement and retire gracefully

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