Deduction u/s 80c - single premium ulip

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Process Lead
21 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

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On 09 July 2014 at 21:19 Report
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Practising CA
5649 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.
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On 09 July 2014 at 23:17
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Student as well as Self-employed
3853 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.

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On 09 July 2014 at 23:27

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