A tax payer can claim a tax deduction on premiums paid for a life insurance cover for himself, spouse and children
22-Feb-2018 •Research Desk
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.
BackWe will try to answer all questions sent to us. If the question addresses the concerns of the general audience, we’ll publish it.
