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:
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Yourself
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Your spouse
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Your dependent children
Types of Life Insurance to Help You in Saving Taxes:
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Term Plan – pure risk cover
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Unit-linked insurance plan (ULIP) – Insurance + Investment opportunity
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Endowment Plan – Insurance + Savings
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Money Back – Periodic returns with insurance cover
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Whole Life Insurance – Life coverage to the life assured for whole life
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Child’s Plan – For fulfilling your child’s life goals like education, marriage, etc.
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Retirement Plan – Plan your retirement and retire gracefully
