LIC Jeevan Shanti policy Single Insurance Premium Sec 80 C deduction
This query is : Resolved
CA Radhika Pai
(Querist)
07 March 2024
Single Insurance Premium of Rs. 3 lacs has been paid for LIC Jeevan Shanti policy. On maturity i.e. after 15 years, insurer shall get Rs.2000 per month for life time. The sum assured is not mentioned in the policy. Its mentioned that Rs.2000 per month shall be given from 16th year onwards. Deduction upto 10% of sum assured of LIC policy is allowed for premium under LIC policy u/s 80 C. But, in this case, what shall be the deduction amount u/s 80 C when sum assured is not mentioned & single premium of Rs.3 lacs is paid & after 15 years, from 16th year onwards Rs.2000 per month will be received for life.
CA R SEETHARAMAN
(Expert)
08 March 2024
Single instance premium of such policy is eligible for deduction under section 80c without 10% restriction.
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