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Deduction u/s 80c - single premium ulip

677 views 2 replies

Preetham T M

Process Lead

28 Points Posted on 09 July 2014

Hello,

My friend bought SBI Life - Smart Wealth Builder plan and paid Rs.65000/- as Single preimum for this plan. Sum assured is 3*65000 = Rs. 195000/-. It is having a lock in period of 5 years. Requesting you to let me know if full amount of Rs.65000/- can be claimed as deduction U/S 80C.

Please help me on this.

Thanks & Regards,

Preetham

Replies (2)

CA Raj Doshi

Practising CA

8954 Points Posted on 09 July 2014

It won't be allowed as deduction u/s 80C. Please read the section where it is written that premium should not exceed 20% / 10% of sum assured.

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Posted on 09 July 2014

deduction of max 10% of sum assured is allowable for policies issued after 01.04.12. therefore in your case, deduction u/s 80C is permissible only upto 10% of 195000, i.e. 19500.