Insurance Premium Benefits

Certainly.you can claim deduction u/s80C for the lic premiums paid for yourself,your spouse,childrenand parents.

to my knowledge , u/s 80C deduction is available for paying premium only 4 yourself, spouse and children .....not your parents ........ however your parents can claim ded. 4rom thier GTI if they pay it.

Originally posted by : Prashant Ladha
	Hi, I pay the LIC Insurance premium for my parent's policies on their behalf. Can I include it my income tax benefit? -- Prashant.

U/s 80C:

if the policy is taken individually then deduction is available for the payment of premium of policy taken on life of assessee, spouse or children but not parents..subjet to a maximum of 20% of sum assured

In case of HUF policy may be taken on life of any member and deductiopn of premium paid will be avalable to such HUF u/s 80 C..subjet to a maximum of 20% of sum assured