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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80C regarding
Replies (3)
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.
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
That means to say lower of 10% of policy amount or actual premium paid is allowed under 80C
thanks , I got it
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