An amount up to Rs 1 lakh that you pay towards life insurance premium for yourself, your spouse or your children can be included in Section 80C deduction and reduced from your taxable income.
If you are paying premium for more than one insurance policy, all the premiums can be included, subject to the limit of Rs. 1 lakh.
a. Can I include life insurance premiums paid for my parents?
No. Life insurance premium paid for your parents or your in-laws is not eligible for deduction.
Yes. Any premium paid for any life insurance in any life insurance product is eligible for tax deduction under Section 80C.
Also note that any sum, including the bonus, received on maturity of a life insurance policy is tax free. Death benefits received are also exempt from tax.
Most importantly, remember to invest in a life insurance policy only if you need it, and not for the tax benefit. If you opt for it keeping in mind the tax benefit, you may end up being under-insured or possibly over-insured.
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