Life insurance, as a product, is a wonderful tax-saving tool. You are allowed to write off the premiums you pay towards your life insurance when calculating taxable income. This exemption is defined in Section 80 (C) of the Income Tax Act.
In fact, life insurance follows the Triple E or Exempt-Exempt-Exempt principle when it comes to tax matters. This is to say, your insurance premiums are tax-exempt, the profits you earn on the policy are tax-exempt, and the sum assured paid out is also tax-exempt.
The Triple E status of life insurance policies is afforded by Section 10 (10)(D) of the Income Tax Act.
ULIP: Tax Implications
- Right time to review your life insurance portfolio
- Why does it not make sense to mix insurance with investment?
Term Insurance: Tax Implications
Childern's Plan: Tax Implications
New budget to impact sales of insurance companies
Life Insurance companies seeking extra tax benefit
Whole Life: Tax Implications
- How much insurance do I need? Enough to save family from debts
- Dos and Don'ts while buying life insurance
- Insurance Planner
Use this calculator to find out how much life insurance you need.
- Ulip Vs Mutual Fund Calculator
Compare returns on investment on your ULIP as well as mutual fund investments to find out which is the better option for you.
- Calculator: Should I Continue My Children's Endowment Policy?
Use this calculator to find out if you should continue your children's endowment policy or invest the premium amount saved in other avenues.
- Should I Continue My Whole life Policy?
Use this calculator to find out if you should continue your whole life policy or invest the premium amount saved in other avenues.
Endowment vs. Whole Life Comparator
Use this comparator to compare a whole life insurance policy and an endowment policy.