I am paying an annual premium of Rs 25,000 for two LIC policies -- Jeevan Saral and Money Back Policy -- for my two sons, aged 23 and 25. Can I claim a tax deduction on the premium under Section 80C of the Income Tax Act?
- Rakesh
Yes, you can claim a tax deduction on the premium paid for the insurance policies for your sons. A tax payer can claim a tax deduction of up to Rs 1.5 lakh on life insurance premiums paid for a life insurance cover for himself, spouse and children.