Query about LIC Tax Benefit

Dear Sanjay,

Suppose u paid premium of Rs. 40,000 on the Policy - Value  of which  Rs. 1Lacs

Then u/s 80 C u can get only 20% of sum assued as deduction i: e 20,000....(20% of Rs. 1 Lac)

Dear Sanjay...

Mr.Amir brother is rite....

example is also good......

80 C - 20% of sum assued as deduction i: e 20,000....(20% of Rs. 1 Lac)

Yes deduction restricted to 20% of the sum assured for a year

yes Sanjay sir ur policy will have the assured amount in it...so max 20% of tat can be claimed as ded in an year

20% is to be calculated on the the sum assured... for purpose of tax benefit