Lic shagun policy: tax implications

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Dimple Kotak (Querist)
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02 November 2014 Dear all, as per new shagun policy of lic only one time premium is required to be paid and it matures after 10-12 years. My question is: premium paid is more than 10% of sum assured so can we claim its deduction u/s 80c as premium paid? or can we claim it under 80c as deferred annuity plan? I would also like to know tax consequences if policy on which deduction under 80c is claimed is endorsed to some other person. Is there any lock.in period? Its too urgent. please give ur advice. thanks

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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02 November 2014 Deduction will be limited to 10% of Sum Assured. You will get deduction only once ehen one time premium is paid by you.

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