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80c deduction

This query is : Resolved 
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(Querist)
05 October 2013 Dear sir,
I had invest in term life policy. Can I claim in 80c deduction? ???
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
06 October 2013 yes. subject to maximum premium of 20% on policy value can be claimed u/s.80C
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
06 October 2013 Yes, you can claim deduction U/S 80C..

The policy must be in the assesse's or spouse's or any child's name. For a HUF, it may be on life of any member of HUF.

The 80C deduction is valid on insurance policies purchased after 1st April, 2012 only if the premium is less than 10% of sum assured. Benefits for existing purchased policies continue.
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