25 February 2011
LIC Market Plus is not a insurance policy but it is a Pension plan(deferred annuity plan), though you can also opt for insurance near it by paying mortality charges. It is not mandatory to have insurance also surrounded by a deferred annuity plan(see definition "any insurance policy other than a contract for a deferred annuity shall be eligible. "), so condition of Insurance policy is not applicable contained by Pension plan
25 February 2011
Sir I referred lic website(market plus policy) and expressed my observation as above, though there is no specific yes / No as far as 80C deduction is concerned. Any way ,thank you for correcting me.
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