You can deduct from your taxable income to a total of Rs. 1 lakh in certain instances, such as your insurance payments from gross income under Section 80C of the Income Tax Act.
You can also seek exemption from gross income under Section 10 (10) D for any sum
received from insurance policy as maturity proceeds, death benefits are exempt
For insurance policies issued after 01 April 2003, where the premium payable for any of the years during the term of the policy exceeds 20% of the sum assured, the insured will not be eligible for Sec 10(10) D benefit.
Term Insurance Tax: Basics
- The death claim process is simple and the benefit is tax free
- How much do you pay to cover your financial liabilities with life insurance?
- Reduce life insurance premium costs
- Insurance Planner
Use this calculator to find out how much life insurance you need.
- 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 children's money back policy?
Use this calculator to find out if you should continue your children's money back policy or invest the premium amount saved in other avenues.
- Ulip Returns Calculator
Use the calculator to assess returns on your ULIPs