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LIC Life Insurance Premium

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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.
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Comments

34 responses to “LIC Life Insurance Premium”

  1. lavishkalra Avatar
    lavishkalra

    lic deduction m kise include kiya jayega(80 c)

    Reply
  2. PONNAGANTI BHASKARA RAO Avatar
    PONNAGANTI BHASKARA RAO

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

    Reply
    1. Tax Dost Avatar
      Tax Dost

      Premium paid on lic policy is eligible only in year in which premium is paid

      Reply
      1. MONJIT TAW Avatar
        MONJIT TAW

        If i paid my premium on month of April which is payable on February, then in which year i will get the tax rebate?

        Reply
        1. Tax Dost Avatar
          Tax Dost

          Since you have paid premium in april you are entitled for 80 C benefit in year of payment ie April

          Reply
    2. G SAMBASIVARAO Avatar
      G SAMBASIVARAO

      I paid my LIC Premium last two years due and this year can I eligible for total amount for 80C

      Reply
      1. Tax Dost Avatar
        Tax Dost

        Yes you can claim insurance premium benefit in year of payment.

        Reply
    3. Sreenath Avatar
      Sreenath

      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.

      Reply
  3. Mohan Menon Avatar
    Mohan Menon

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

    Reply
  4. rakesh kumar Avatar
    rakesh kumar

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

    Reply
  5. POOJA SACHDEV Avatar
    POOJA SACHDEV

    tell me the difference between lic refund & lic matured

    Reply
  6. ritu Avatar
    ritu

    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

    Reply
  7. Lalitha G Kamath Avatar
    Lalitha G Kamath

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

    Reply
    1. Tax Dost Avatar
      Tax Dost

      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.

      Reply
  8. mekala Avatar
    mekala

    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

    Reply
    1. Tax Dost Avatar
      Tax Dost

      Please claim the same while submitting your tax return.

      Reply
  9. N.Ramalingam Avatar
    N.Ramalingam

    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?

    Reply
  10. sudip kumar sarkar Avatar
    sudip kumar sarkar

    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

    Reply
    1. Tax Dost Avatar
      Tax Dost

      You will be eligible for 80C benefit in Financial year 2014-15.

      Reply
  11. BRIJ KISHOR Avatar
    BRIJ KISHOR

    Sir
    I have paid my premium on 03 March 2015.
    In which financial year can i get tax rebate

    Reply
    1. Tax Dost Avatar
      Tax Dost

      You will get benefit of LIC premium in year of payment ie 2014-2015.

      Reply
  12. akhi Avatar
    akhi

    Is there any rules stating that LIC premium paid in March will be included in the current closing year.

    please provide link/pdf

    Reply
    1. Tax Dost Avatar
      Tax Dost

      Benefit of LIC premium paid can be take in current year in which premium is paid.

      Reply
  13. Nayak Avatar
    Nayak

    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.

    Reply
    1. rahul301 Avatar
      rahul301

      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.

      Reply
  14. chandran Avatar
    chandran

    My self and my wife also working as a employee Whether i and my wife can claim in one same policy

    Reply
    1. Tax Dost Avatar
      Tax Dost

      Yes both of you can take benefit for the amount actually paid by you.

      Reply
  15. siva Avatar
    siva

    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?

    Reply
    1. Tax Dost Avatar
      Tax Dost

      Sure, If you have made payment for LIC premium / or any insurance premium, you can claim the amount while filing your income tax return.

      Reply
      1. siva Avatar
        siva

        can you please tell me the procedure how to do it?

        Reply
  16. Dharmesh Avatar
    Dharmesh

    My parents paid Rs. 9500 LIC premium for my child, Can I eligible for deduction under section 80C?

    Reply
    1. Tax Dost Avatar
      Tax Dost

      No you can not claim tax benefit. benefit under section 80C can only be claimed if you have made the payment.

      Reply
  17. Swapan Chattopadhyay Avatar
    Swapan Chattopadhyay

    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?

    Reply
    1. Tax Dost Avatar
      Tax Dost

      For 80 C , you need to consider actual amount of payment made during the year.

      Reply
  18. tbAjaKGf Avatar
    tbAjaKGf

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    Reply
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  20. Check This Out Avatar
    Check This Out

    enoyed the read, well i didnt cause i didnt agree but well explained.

    Reply

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