I am a central Govt. employee, age 50 years. I want to take an insurance plan or pension plan to avail tax benefit apart from plans u/s 80c which I am availing for Rs 1,50,000 yearly.
Tax deductions on premiums paid for all life insurance and pension plans are covered under Section 80C. Since you have already exhausted the Rs 1.5 lakh limit, any additional investment in insurance or pension plans will not fetch you further tax exemption. However, you can avail an additional deduction of Rs 50,000 under section 80C by investing in NPS. You can avail an additional tax benefit of up to Rs 25,000 under section 80D for buying health insurance plan.
Beyond that, you can avail tax benefits on certain other expenses, loans and donations. Please read our article Saving tax beyond Section 80C to know further.