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Tax Benefits for LIC plans


Income tax exemption on Maturity/Death Claims proceeds under Section 10(10D)

LIC policy premium paid for any Financial year from April 1st to March 31st are considered to exemption under section 80C of Income Tax. Applicable slabs as per age are biven below.


Life Insurance premium paid for self, spouse, children, parents can be claimed under section 80C. The maxmimum limit for Section 80C is limited to Rs. 1,50,000/-. lic agent bangalore, lic tax saving plans, lic tax saver, save tax from salary, income tax saver, ulip, sip, mutual funds













LIncome tax exemption on Maturity/Death Claims proceeds under Section 10(10D)


 Policy shall not be issued under Section 80DD(3), or

 Policy shall not be issued as a Keyman Insurance Policy, or

 policy which has been issued on or after April 1, 2003 and the premium paid in any of the years during the term of the policy not exceeding 20% of the Actual Capital Sum Assured.

 policy which has been issued on or after April 1, 2012 and the premium paid in any of the years during the term of the policy not exceeding 10% of the Actual Capital Sum Assured.

Where the policy, issued on or after the 1st day of April, 2013, is for insurance on life of any person, who is—

(i) a person with disability or a person with severe disability as referred to in section 80U, or
(ii) suffering from disease or ailment as specified in the rules made under section 80DDB,
exemption under this section shall be available only if the premium payable in any of the years is not more than 15% of the actual Capital Sum assured.



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