Tax Benefits on payment of LIC Life Insurance policy premiums
LIC Life Insurance plans, almost all LIC plans are planned to suit the life style of Indian people. Proposer has to choose the plan according to need. You need to consult a experience and performing Insurance Advisor to know about the tax implication for each and every policy.
Most of the LIC policy premium payments comes under section 80C of the Income Tax Act, 1961.
Tax benefits under 80C for Life Insurance policies from LIC of India :
Life Insurance premium pai in a partilcular Financial year ( April 1 2017 to March 31, 2018 ) would be considered for tax rebare under 80C that particular year ( assessment year 2018-19) tax filing
LIC premium paid for self/spouse/child are eligible for deduction under 80C of Income Tax Act, 1961 ( Refer latest Tax rules )
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