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.
Endowment Tax: Basics
- Survival Benefits for Different Insurance Plans
- Critical illness benefit rider takes care of unforeseen medical expenses
- Accidental Death Benefit Rider
- Endowment Insurance Plans
Endowment Tax: Opinion
- Insurance for insurance sake
- Right time to review your life insurance portfolio
- Life Insurance for Young Working Professionals
- Why does it not make sense to mix insurance with investment?
- Returns on Endowment Policy vs. Inflation Calculator
Do the returns on my endowment policy beat inflation?
- Returns on Children's Endowment Policy vs. Inflation Calculator
Do the returns on my children's endowment policy beat inflation?
- Calculator: Should I Continue My Endowment Policy?
Use this calculator to find out if you should continue your endowment policy or invest the premium amount saved in other avenues.
- 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.