Tax benifit of the life insurace policy

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gopi krishna

sse

31 Points Posted on 29 February 2012

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

1846 Points Posted on 02 March 2012

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

101 Points Posted on 02 March 2012

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