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80 C deduction

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Subbaiya (Querist)
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13 February 2008 Hi, does the term insurance plan of LIC qualify for 80C deduction

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Subbaiya

CA vikash Jain

CA vikash Jain (Expert)
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13 February 2008 term insurance plan will qualify for 80c deduction

R.V.RAO (Expert)
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13 February 2008 YES, UNDER SEC 80C THE PREMIUM PAID ON THE LIFE INSURANCE POLICIES OF LIC LIKE ANY OTHER INSURANCE COMPANY ,BESIDES MANY ANNUITY POLICIES OF LIC LIKE ANY OTHER INSURANCE COMPANY,UNIT LINKED PLANS OF LIC AS WELL AS OTHERS OFFER SCOPE FOR INCOME TAX EXEMPTION.
R.V.RAO

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