Quick Summary
The short answer is yes. Even under the New Tax Regime without Section 80C benefits, traditional life insurance remains the safest debt-allocation asset for Indian portfolios. The absolute best choice for CA clients in 2024 isLIC Jeevan Umang because it secures an 8% tax-free guaranteed lifetime re
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FAQ :
Yes, LIC maturity proceeds are completely tax-free under Section 10(10D) as long as the aggregate annual premium for policies issued after April 1, 2023, remains under Rs 5 Lakhs.
No, the new tax regime does not allow any deductions under Section 80C for life insurance premiums.
Traditional life insurance offers a 100% sovereign guarantee on principal and bonuses, enforces forced long-term savings, and provides completely tax-free maturity if annual premiums are under Rs 5 Lakhs.
LIC Jeevan Umang secures an 8% tax-free guaranteed lifetime return on the sum assured annually after the premium-paying term. It is ideal for high-income medical and IT professionals seeking guaranteed passive income without stock market risk.
LIC New Jeevan Anand helps businessmen build a retirement corpus, offers life cover that continues indefinitely even after maturity payout, and has collateral value for business overdrafts. It's suitable for traders and shop owners needing a safe retirement corpus and legacy planning.
LIC Jeevan Utsav is a good option for highly risk-averse investors who want absolute clarity on their final payout numbers from day one, as it offers a flat, guaranteed return rate and has short premium-paying terms.
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