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Life insurance premium

Reshma Suresh (10 Points)

10 January 2020

payment of life insurance premium on the life father and mother is allowed any deduction under IT act?

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7 Replies

RAJA P M ("Do the Right Thing...!!!") (127227 Points)
Replied 10 January 2020

Your query is not cleared...

Reshma Suresh (10 Points)
Replied 10 January 2020

Can i take deductions on payment of life insurence premium for my father and mother

RAJA P M ("Do the Right Thing...!!!") (127227 Points)
Replied 10 January 2020

Yes... You can take it.

Reshma Suresh (10 Points)
Replied 10 January 2020

How much amount can i take deduction if i am 26 years old

Ruby Kumari (72 Points)
Replied 10 January 2020

Premiums paid toward all life insurance policies are eligible for tax benefits under Section 80C. This deduction can be claimed for premiums paid towards insuring self, spouse, dependent children and any member of Hindu Undivided Family. An important point to be noted is that if the policy is issued on or prior to March 31, 2012, annual premium up to a maximum of 20% of the sum assured becomes tax deductible. For insurance policies issued on or after April 1, 2012, annual premium up to a maximum of 10% of the sum assured is tax deductible.

Kapadia Pravin (17249 Points)
Replied 10 January 2020

Under 80C -
In case of an individual, deduction is available in respect of policy taken in the name of taxpayer or his/her spouse or his/her children.

No deduction is available in respect of premium paid in respect of policy taken in the name of any person, other than given above.

Life insurance premium payments can be claimed as deduction under Section 80C subject to a maximum limit of Rs. 1,50,000.

The only condition is the premium must be less than 10% of the sum assured.

You can not take benefit under 80C for LIP Payments of your father /mother