deduction rate

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it comes under chapter VI

10% of the sum insured

u/s 80C Rs. 1.50lakhs deductions available

1.If you have purchased a life insurance policy on or before 31st March 2012 in your own name or in the name of spouse or child, then up to 20% of tax deduction can be availed on the premium paid towards life insurance policy.

2.In case, the life insurance policy is purchased after 1st April 2012 in the name of self/child/spouse, then the premium paid towards life insurance policy is eligible for the tax benefit of up to 10% of the sum assured.


Max ded. u/s 80C is Rs.150000/-