Lic policy
This query is : Resolved
Vaiibhav Parekh
(Querist)
08 March 2014
My father had bought a Birla Insurance policy for my sister when she was a minor. So life insured is in her name but policy owner is my father and he had been paying the premium from his account. Now she has turned major so my father paid the premium from her accounts for income tax exemption. So, will she get the exemption or i will have to change the policy owner's name from my father's name to her name?
Nikhil Kaushik
(Expert)
08 March 2014
you cannot change the name on the policy.
if the father is paying the premium, he shall claim the deduction.
if the father is paying the premium, he shall claim the deduction.
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