I have a life insurance policy from IDBIFederal. Here I am the insured and the proposer (both me). Me and my wife both are filing ITR. The question is can my wife pay premium for my life insurance policy and claim reduction for herself under section 80C?
I have other policies and has already exhausted the 1.5 lakh limit. So olny my wife can claim 80C benefit (if only she is eligible)
The agent says that my wife can pay ONLY IF she was the proposer. But here I am the proposer and he says you can't change the proposer once policy is issued.
And even if she pays...the receipt comes in my name...So what proof can my wife show for this? (that she has paid)
CAclubindia
