Term insurance comes under which section of Income Tax?

Term life insurance premiums are tax deductible under Section 80C of the Income Tax Act, 1961 in India. This means that the premium paid towards term life insurance can be claimed as a deduction from the taxable income, up to a maximum limit of INR 1.5 lakhs per financial year. It is important to note that the term insurance policy should be in the name of the person claiming the deduction, and the claim can only be made if the policy is bought with the taxpayer’s own money.

Leave a Reply

Your email address will not be published. Required fields are marked *

We would like to keep you updated with special notifications. Optionally you can also enter your phone number to receive SMS updates.