Tax benifit of the life insurace policy

597 views 2 replies

gopi krishna

sse

34 Points Joined December 2010

I have a question on the tax benifit of the life insurance premium. I would like to know who will get the tax benifit if the policy holder and sum assured are different.

My father opened a life insurance plan withhimslef as the policy holder assuring my life. Policy as was taken when I was a student . Now I am the earning person.

If I ( person whose life is assured ) pay the premium from now onwards does I get the tax benifits or only a policy holder gets the benifit.

Please clarify this .

Thanks in advance.

Replies (2)

Prateek Agarwal

Sr. Executive - Finance & Accounts

1732 Points Joined February 2011

Hi Gopi,

If you are paying Life Insurance Premium for you, your spouse or your Children, you can gain exemption u/s 80C.

Yes, you can claim exemption (for your query) as the policy is in your name and you are paying the LIP for it.

Regards,

Prateek

Subramanya

in practice

109 Points Joined November 2011

Originally posted by : Prateek Agarwal ya u can tak its benefit..
	Hi Gopi, If you are paying Life Insurance Premium for you, your spouse or your Children, you can gain exemption u/s 80C. Yes, you can claim exemption (for your query) as the policy is in your name and you are paying the LIP for it. Regards, Prateek