You can opt for a longer term for your term plan to stay protected. While a regular term insurance plan does not have any survival benefits a number of insurers have designed plans that also.
In a life insurance policy the premium paid and maturity proceeds toward the policy are tax-exempted.
Term insurance under 80c. LIC online term plans can be purchased online at lower. Moreover the returns offered under the policy like endowment or money-back are also tax-free. Critical illness premium paid under the term insurance policy saves tax for you us 80D while term insurance premium is counted us 80C of Income Tax subject to conditions.
Even though there is a long range of options ranging from PPF contributions life insurance plans five-year term deposits or ELSS schemes you cannot claim more than Rs. This deduction is available under Section 80C. Along with the benefit of insurance coverage one can also avail benefit on the taxability of income under sections 80C and 1010D of the Income Tax Act.
The premium that you pay towards a life insurance policy is allowed as a tax-free deduction from your income. When policy benefits are concerned there is no restriction on the maximum tax. February 3 2021 Among taxpayers section 80C is the most used tax-saving option used to reduce their tax liability.
The Life Insurance Corporation of India offers the best term insurance plans with different features and benefits. Tax benefit are as per prevailing tax laws which are subject to change. Offers tax benefits under Section 80C of the Income Tax Act.
Furthermore the death benefit is completely tax-free and so is the maturity benefit under Section 10 10D. Offers tax benefits under Section 80C and Section 10 10D of the Income Tax Act. Policyholders can also claim exemptions under Section 10 10D of the Income Tax Act for benefits received through insurance policies.
Tax exemptions can be got under section 80C of the Income Tax Act on premium amounts. 15 lakh exemption through Section 80C investments. LIC Saral Jeevan Bima.
You can stay covered for up to 50 years with a term. 5 – 40 Years.