Deduction 80C

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Querist : Anonymous

Querist : Anonymous (Querist)

25 February 2011 Whether LIC Market Plus scheme eligible for deduction U/S. 80C of I.T.Act,1961?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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25 February 2011 Market plus policy has an option to choose life cover . If such policy is subscribed, benefit u/s 80C can be claimed.

K V Subba Rao

K V Subba Rao (Expert)
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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

Source: https://www.insurancefreefaq.com/insurance/7275-insurancefreefaq.html

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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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