Are life insurance plans eligible for tax benefits?

All term insurance policies offer customers tax deductions under Section 80C of the Income Tax Act, 1961, along with further deductions up to an amount of Rs. 1.5 lakhs.

If the premium amount paid is more than 20% of the agreed Sum Assured, tax deductions can be claimed on premium up to 20% of the Sum

If the premium assesse has paid is not more than 10% of the actual Sum Assured, he/she can claim tax benefits and deductions

For any person with a specific ailment or severe disabilities, tax benefits or deductions can be claimed if the premium he or she has paid is not more than 10% of the actual Sum Assured.

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