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Are the premiums of insurance plan eligible for deduction u/s 80CCD(1B)?

The 80CCD (1B) deduction of up to Rs 50,000 is reserved for investment in NPS Tier-1 account

Are the premiums of LIC New Jeevan Suraksha scheme eligible for deduction u/s 80CCD(1B)?
-Nipin Dhandaria

No. The section 80CCD (1B) deduction up to Rs 50,000 is exclusively for investment in NPS (National Pension Scheme) Tier-1 account. This is over and above the 80CCC limit of Rs 1.5 Lakh. The premiums of any insurance and pension plans will get tax deduction benefit under section 80CCC.

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