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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