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Insurance And Income Tax Benefits: Four Things You May Not Know
For policies issued after April 2014, Section 80C deduction limit is 10% For policies issued before April 2014, it is 20% For policies cancelled before 2 years, tax benefits are reversed
21 Aug 2016, 04:25 PM IST 
A person can claim deduction under Section 80C against the premium paid for self, spouse and kids
Many people buy life insurance policies just to save tax as the premium paid is eligible for deduction under Section 80C. In the process, they end up buying insurance products such as Ulips and endowment plans with high annual premium and low insurance cover. But did you know that you can claim the deduction for the entire premium only if certain conditions are met? There is a possibility that despite paying a high premium you are no...
