Friday, December 2, 2022

Insurance Policy Tax: 1.5 lakh tax exemption will be available on this special policy! Time till 31st March

Under Section 80C of the Income Tax Act, individuals and HUFs can claim deduction up to a total of Rs 1.5 lakh along with other instruments on purchase of a life insurance policy or payment of premium for an already in force policy.

Life Insurance Update:  The deadline for filing income tax returns for the financial year 2020-21 has been extended till March 15. That is, now you can do better tax planning in so many days. We are going to tell you about some tax deductions, which you can claim on your investments, earnings, and other types of payments. Remember that this tax deduction is not for the new tax system.

Tremendous exemption in tax 

If you have not claimed deduction yet and you want to get income tax exemption under section 80C, then you can get tax exemption up to Rs 1.5 lakh on life insurance premium. Let us know its details.

Tax exemption will be available on the premium of Life Insurance

Under Section 80C of the Income Tax Act, individuals and HUFs can claim a deduction of a total of Rs 1.5 lakh along with other instruments on payment of premium for life insurance policies. Above all, it is not mandatory for you to buy an insurance policy from an Indian insurance company to get this deduction. Under this, if an NRI or foreign national makes taxable income in India, then he can claim this deduction on the policy purchased outside the country. 

Read More: Amazon Prime Membership: Amazon is offering free membership, so take advantage of it today and learn how to do it the easy way

Discount is available on these policies

Now let us see which policies will get this discount. This claim can be made from pure insurance products like term insurance to insurance-less investment products like ULIP. Any taxpayer can claim exemption on payment of premium for a life insurance policy of his own, spouse, or children.

Know how much discount you will get

Under this, any policy made after April 1, 2012, can be claimed for a rebate on payment of 10% or less of the sum-insured premium. At the same time, for the disabled, this range is 15 percent. At the same time, let us tell you that a discount of up to 20% can be taken on the policy purchased before April 1, 2012.

Know Terms and Conditions 

There are also many terms and conditions for this policy.

In this, the benefit of tax exemption is available on the life insurance policy which is active for at least two years.

In this case, the deduction of the previous year is reversed and the same is added to the income of the year when the policy lapsed.

– Even if you pay the premium of an annuity plan, you can still get tax exemption under 80C.



Please enter your comment!
Please enter your name here

Most Popular


Shivangi Joshi: Naira of ‘Yeh Rishta Kya Kehlata Hai’ is second to none in boldness! View Photos

Yeh Rishta Kya Kehlata Hai Actress: As popular as the show 'Yeh Rishta Kya Kehlata Hai' is, equally popular are the actors acting in...

FIFA World Cup 2022: Announcement of model, will share topless photo on every goal

FIFA World Cup 2022: Brazil, the most successful team in the history of the FIFA World Cup, is showing a great game in the...

Avneet Kaur Tattoo: This 20-year-old beauty showed her private tattoos on Instagram!

Avneet Kaur's face is not visible in this photo, but a beautiful tattoo can definitely be seen on the back of the actress. If...

When Mouni Roy spreads the magic of her beauty, the fans get sleepless nights!

Mouni Roy Boldness: The beauty of TV's Naagin Mouni Roy has won the hearts of many people. Mouni Roy often flaunts her beauty...

Aadhaar Card: Now you will earn from Aadhaar card! Start this business,

Earn Money From Aadhaar Card: Aadhaar card is necessary for all the people of the country (Aadhaar Franchisee) in today's time, that is, without...

Most Popular


* indicates required