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80C regarding

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63 Points Posted on 14 October 2018
LIC premium for deduction
1.amount actually paid
2.or 10% of sum assured
whichever is lower
is this correct?
pls elaborate
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On 14 October 2018 at 11:40 Report
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PROPRIETOR
61 Points Posted on 14 October 2018
partially correct, actually 10% is calculated on capital sum assured, means in case of death how much guaranteed amount will be paid by insurance companies, this amount may also be higher than sum assured in some cases.
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On 14 October 2018 at 12:07
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Chartered Accountant
1272 Points Posted on 14 October 2018
Yes.. If the LIC Policy is taken after 1st April 2012 then the deduction should not exceed 10 % of the policy amount.

That means to say lower of 10% of policy amount or actual premium paid is allowed under 80C
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On 14 October 2018 at 12:09
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63 Points Posted on 14 October 2018
thanks , I got it
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On 14 October 2018 at 13:19


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