Ask Value Research

Are LIC policies covered under Section 80CCD(1B)?

Individuals can contribute to National Pension Scheme (NPS) and claim an additional tax deduction of up to Rs 50,000 under Section 80CCD(1B) of the Income Tax Act

Research Desk

Can I take National Pension Scheme (NPS) through Life Insurance Corporation of India (LIC) or are there any LIC policy that gives tax benefit under Section 80CCD(1B)?
- Alex George

Individuals can contribute to National Pension Scheme (NPS) and claim an additional tax deduction of up to ₹50,000 under Section 80CCD(1B) of the Income Tax Act. The deduction is exclusive to NPS contributions and LIC plans do not qualify for tax deduction under this section. If you insist on dealing with only LIC, you have the option to enroll in NPS and choose LIC Pension Fund as the fund manager to take care of your money.

This article was originally published on February 08, 2016.

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