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 :
- LIC Jeevan Saral – High Return LIC Plan
- LIC Jeevan Anand – Best LIC Plan
- LIC Jeevan Ankur – Best LIC Child Plan
- LIC Jeevan Nidhi – Best LIC Pension Plan
You Can also consider Following insurance and pension schemes launched by PM Modi.
Pradhan mantri jeevan jyoti bima yojana – PMJJBY
Pradhan mantri suraksha bima yojana – PMSBY
Atal Pension Yojana
lic deduction m kise include kiya jayega(80 c)
Dear Sir,
Is my lic premium with late also eligible for 80C?
Premium paid on lic policy is eligible only in year in which premium is paid
If i paid my premium on month of April which is payable on February, then in which year i will get the tax rebate?
Since you have paid premium in april you are entitled for 80 C benefit in year of payment ie April
I paid my LIC Premium last two years due and this year can I eligible for total amount for 80C
Yes you can claim insurance premium benefit in year of payment.
Yes the premium with late also eligible for 80C, but the late fee will not be included and only the premium amount will be included.
Whether the LIC premium remitted towards LIC premium in respect of grand children is eligible for 80 C deduction for Income Tax.
LIC, NSC, Medi Claim, me poore premium par rebate hota hai athwa sirf intt. par deduction ka poora tarika bateya aur sehyog kare
tell me the difference between lic refund & lic matured
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
whether I can claim tax exemption under Sec 80 if paid LIC premium for my grand children and son’s family.
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.
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
Please claim the same while submitting your tax return.
Sir, one of my LIC premium falls due on March, But my employer wants to file Income tax return on Feb Ist week itself. Whether I have allowed under section 80C for the payable March premium?
Premium paid on lic policy is eligible only in year in which premium is paid, LIC premium due date is 03/14 but paid on 04/14, in which financial year income tax rebate can be availed
You will be eligible for 80C benefit in Financial year 2014-15.
Sir
I have paid my premium on 03 March 2015.
In which financial year can i get tax rebate
You will get benefit of LIC premium in year of payment ie 2014-2015.
Is there any rules stating that LIC premium paid in March will be included in the current closing year.
please provide link/pdf
Benefit of LIC premium paid can be take in current year in which premium is paid.
Hi, I paid an LIC premium on 31st March 2015. I have already shown the savings of 1.5 lakhs for the year 2014-15. Can I show the premium of Mach 31, 2015 for the next Financial year i.e., 2015-16.
Since you have paid LIC premium on 31st march, this benefit you take only for year in which premium is paid. You can not take the benefit in next year.
My self and my wife also working as a employee Whether i and my wife can claim in one same policy
Yes both of you can take benefit for the amount actually paid by you.
I have paid LIC premium on Jan 2015. But since we had to send bills in Dec 2014 only, i gave a future declaration. But it got rejected. So can i claim it while doing IT returns(2014-2015). Is it possible?
Sure, If you have made payment for LIC premium / or any insurance premium, you can claim the amount while filing your income tax return.
can you please tell me the procedure how to do it?
My parents paid Rs. 9500 LIC premium for my child, Can I eligible for deduction under section 80C?
No you can not claim tax benefit. benefit under section 80C can only be claimed if you have made the payment.
In calculating premiums paid during the. year, should I include the total premium paid that year or just 20% of total premium for tax deduction under 80C?
For 80 C , you need to consider actual amount of payment made during the year.