Life insurance premium
This query is : Resolved
29 March 2016
My question is that if we pay life insurance premium in lump sum at the beginning of year & whether we claim or deferred the claim u/s 80C full amount in the year in which it is paid or claim proportionately over the life of LIC Policy
29 March 2016
You can claim deduction u/s 80C only on payment basis. You can claim Premium deduction subject to maximum of 10% of Sum Assured value.
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