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INSURANCE

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(Querist)
20 December 2009 what is the meaning of endowment policy ?
under which income tax section the premium paid towards endowment policy is exempt from tax ?
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
20 December 2009 Endowment policy is a long term policy the purpose of which is to accumulate handsome amount at the time of maturity by paying regular premium for the term selected.

Premium paid is exempt u/s 80C to the extent of Rs.1 Lac (including all other eligible exemptions).
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
21 December 2009 agree with experts
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