LIC Life Insurance Premium

LIC-Insurance-Premium-save-tax

LIC Insurance Premium save tax

Life Insurance Premiums: Any amount that you pay towards life insurance premium for yourself, your spouse or your children can also be included in Section 80C deduction. Amount paid for life Insurance Premium will be allowed as deduction under Income Tax Act
Please note that:

  • Life insurance premium paid by you for your parents (father / mother / both) or your in-laws is not eligible for deduction under section 80C.
  • If you are paying premium for more than one insurance policy, all the premiums can be included.
  • Insurance premium paid for yourself, your spouse or your children is allowed as deduction under section 80C of Income Tax Act.
  • (Children) for the definition includes dependant as well as independent , married as well as bachelor )
  • It is not necessary to have the insurance policy from Life Insurance Corporation (LIC) – even insurance bought from private players can be considered here.

Popular LIC Policies are :

 

13 Responses to LIC Life Insurance Premium

  1. lavishkalra says:

    lic deduction m kise include kiya jayega(80 c)

  2. PONNAGANTI BHASKARA RAO says:

    Dear Sir,
    Is my lic premium with late also eligible for 80C?

  3. Mohan Menon says:

    Whether the LIC premium remitted towards LIC premium in respect of grand children is eligible for 80 C deduction for Income Tax.

  4. rakesh kumar says:

    LIC, NSC, Medi Claim, me poore premium par rebate hota hai athwa sirf intt. par deduction ka poora tarika bateya aur sehyog kare

  5. POOJA SACHDEV says:

    tell me the difference between lic refund & lic matured

  6. ritu says:

    Hi..i was miss sold a regular life insurance policy as a single premium policy. When i got to know that i told the company but they did not do anything. I filed a case and after many hearings court passed an order to refund my premium with an interest @ 8% per day till the amount is paid and a compensation of rs 20000/-. The company while paying the interest and compensation deducted a tax @20% and gave the balance to me. Should there be tax deducted in these

  7. Lalitha G Kamath says:

    whether I can claim tax exemption under Sec 80 if paid LIC premium for my grand children and son’s family.

    • Tax Dost says:

      You can take tax benefit only if Insurance (LIC) premium is paid for self, your spouse ,or children. Premium paid for grand children is not allowed as income tax benefit under section 80C.

  8. mekala says:

    I forgot to submit my LIC receipt for exemption while filing tax. Is there any possibility of claiming refund for the payment through IT return? Please let me know

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