80C - LIC Annutity Plan, 10% of sum assured is only allowable deduction in respect of FY 2012-13 whereas 20% of sum assured has been allowed in the F.Y.2011-12.
Please clarify why the department has reduced from 20% to 10%
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80c deduction
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The whole idea is to persuade people to buy Insurance more for safety instead of tax saving purposes. this shall go further down from 10% to 5% once DTC comes into force. That shall actually force assesses's to buy term plans instead of money back plans..
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