Life insurance premium above 5 lakh - how is it computed?

Not a matter if paid monthly premium or yearly premium.
You can claim deduction Rs 1.5lakh only in the same FY..
The maturity amount is based on policy terms...
So, You give details of policy term like it's EE or EEE...

Please check and confirm...
Ask details from Your agent about the policy...

Keep in mind for this :

As per the new guidelines, the maturity amount from life insurance policies bought on or after April 1, 2023, will not be fully tax-exempt. These new guidelines have come after Budget 2023 made the life insurance maturity amount taxable if the premium paid in a financial year exceeds Rs 5 lakh

Originally posted by : sabyasachi mukherjee
	Yes premium is rs.5 lakhs annual premium

Please anybody complaint to CCI Administrator against this Great Expert Mr Sabyasachi Mukherjee...

Originally posted by : RAJA P M
	Keep in mind for this :As per the new guidelines, the maturity amount from life insurance policies bought on or after April 1, 2023, will not be fully tax-exempt. These new guidelines have come after Budget 2023 made the life insurance maturity amount taxable if the premium paid in a financial year exceeds Rs 5 lakh

My question is based on the new guideline only. The policies otherwise come under 10(10d) i.e. premium amount is less than 10% of the sum assured. I am not asking about the exemption under section 80C on the premium amount paid - not going to claim 80C since it is already capped. 

The confusion is because the sum of monthly payment (becomes more than 5L) vs yearly one-time payment (exactly 5L) - only the original 'annualised' premium amount of 2.5 L per policy needs to be considered and the extra amount due to monthly installments (around 25000 extra per year) need not be considered in the calculation towards premium per year, am I correct?.

Originally posted by : Srivatsan Narasimhan
	Originally posted by : RAJA P M  Keep in mind for this :As per the new guidelines, the maturity amount from life insurance policies bought on or after April 1, 2023, will not be fully tax-exempt. These new guidelines have come after Budget 2023 made the life insurance maturity amount taxable if the premium paid in a financial year exceeds Rs 5 lakh My question is based on the new guideline only. The policies otherwise come under 10(10d) i.e. premium amount is less than 10% of the sum assured. I am not asking about the exemption under section 80C on the premium amount paid - not going to claim 80C since it is already capped.  The confusion is because the sum of monthly payment (becomes more than 5L) vs yearly one-time payment (exactly 5L) - only the original 'annualised' premium amount of 2.5 L per policy needs to be considered and the extra amount due to monthly installments (around 25000 extra per year) need not be considered in the calculation towards premium per year, am I correct?.

As per new guidlines:

Better to pay as per ceiling limit. means single payment like Yearly Premium.

Thanks for the advice. My friend went with the less riskier option and kept the total below 5L.