Home |Life Insurance | Could you please give some guidance on associating these insurances with taxing savings(80c, 80d, etc)?

Could you please give some guidance on associating these insurances with taxing savings(80c, 80d, etc)?

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Shailesh Kumar, Co-founder, Insurance Samadhan verified
Answered on January 02,2022

Dear 

All insurance premium for Life insurance is allowed as tax rebate under section 80 C with two conditions :

  1. Premium to sum assured ration should be more than 10 for example if you are paying a premium of Rs 1 Lakh then it should buy death cover of more than Rs 10 lakh . If it is less than Rs 10 lakh then Rs 1 Lakh can not be claimed under section 80 C .
  2. You can claim rebate upto eligible limit of Rs 1.50 lakh only including all other schemes under section 80 C .

All premium paid towards health insurance can be claimed under section 80 D .

Hope this clarifies 

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