Are LIC insurance policies comes under in tax exemption, If yes then which plan of lic insurance company is more beneficial?
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Can i save taxes by buying lic insurance policies?
Replies (4)
LIC POLICIES premium paid eligible to get the benefit u/s 80C. I think all the policies of LIC eligible to get the benefit under the aforesaid section.
there are some new plans in lic
with better returns and security
with better returns and security
Normally term plans are most tax efficient. In case of other policies, If your premium exceeds 10 percent of sun assured your deduction u/s 80c will be limited to 10 percent of the sum assured. Also the maturity proceeds except in case of death will be taxable. So only take term plans.
you can claim the premium paid us 80c
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