LIC Life Insurance Premium


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 :

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

Sukanya Samridhi


36 Responses to LIC Life Insurance Premium

  1. lavishkalra says:

    lic deduction m kise include kiya jayega(80 c)


    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

  9. N.Ramalingam says:

    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?

  10. 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

  11. BRIJ KISHOR says:

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

  12. akhi says:

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

    please provide link/pdf

  13. Nayak says:

    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.

    • rahul301 says:

      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.

  14. chandran says:

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

  15. siva says:

    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?

  16. Dharmesh says:

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

  17. Swapan Chattopadhyay says:

    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?

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