Deduction u/s 80c

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29 August 2016 Can an women employee take the benefit of LIC policy in the name of her husband ?

CA SAGAR M. AHUJA

CA SAGAR M. AHUJA (Expert)
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29 August 2016 Yes,
As per section 80C of Income Tax Act, 1961 For Life Insurance Premium In the case of Individual policy should be taken on his own life, life of the spouse or any child (child may be dependent/independent, male/female, major/minor or married/unmarried) but the premium amount cannot exceed maximum ceiling 10% of sum assured.