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
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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