Overview
The income
tax benefits of paying towards life insurance are in the form of deductions as
well as exemptions.
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 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
from tax.
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.
Whole Life Tax: Basics
Whole Life Tax: Opinion
Decision-making Corner
- Returns on Whole Life Policy vs. Inflation Calculator
Do the returns on my whole life policy beat inflation?
- 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.
- Insurance Planner
Use this calculator to find out how much life insurance you need.
Get Life Insurance Proposals
Upto 5 providers will offer you alternative proposals based on Oct 2018 premiums