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As one of the top insurance providers in India, Life Insurance Corporation offers a wide range of insurance products that suit the various demands of the insurance seekers. With the annual increase in the salary of an individual, the amount of income tax he/she has to pay also increases. Tax planning plays a significant role in order to save your hard-earned money.
If you want to save on taxes, then there are numerous life insurance policies that provide an opportunity to save bundles on taxes. Moreover, it also enables you to save and invest your hard earned money in order to reap the maximum benefits.
According to the needs and suitability of the customers, LIC offers an array of different insurance policies. For the knowledge of our customers, here we have provided a list of all applicable tax benefit that people can avail if they own LIC policies
The tax benefits provided on the payment of LIC premium comes under section 80C of Income Tax Act, 1961.
Tax benefit under Section 80CCC is provided to the policyholders who pay the premium towards any annuity plan that guarantees pension payment in the later year, from their taxable income.
Under section 10(10D) of income tax act, the death claim and maturity benefit received by the insured person are eligible for tax benefit. However, this section includes some possibilities like-
What we have discussed above are the lists of various tax benefits that are applicable to the life insurance policies offered by LIC. However, while availing insurance policy and exercising your tax benefits, in order to reap maximum benefit, there are very important aspects that should be kept in mind.