LIC Tax Benefit

lic tax benefit

LIC provides several insurance plans that cater to different types of customers. LIC Tax Benefit is one of the best ways to get a substantial tax break on the premiums you pay. LIC is one of the premier insurance providers in India. As a result, you can claim a tax deduction up to Rs. 1,50,000 for premiums paid on any of its insurance policies. Listed below are some of the benefits you can get if you have an LIC policy.

LIC Jeevan Aadhaar and Jeevan Vishwas are policies that are eligible for tax deduction. These two policies are intended to cover handicapped and disabled people. If you have paid premiums for either of these policies, you can claim the premiums as a deduction under Section 80DD. The limit for claiming a deduction is Rs. 75,000. If you have a severe disability, however, the limit increases to Rs. 1.25 lakhs.

The LIC Tax Benefit is available to LIC policyholders for death claims and maturity benefits. There are some important factors to consider when choosing an LIC policy. The maximum deduction you can claim is Rs. 1,50,000. This deduction does not apply to keyman policies issued before April 2013. Therefore, it is important to remember that this amount is the maximum amount of deduction you can claim under this section. If you choose this option, be sure to consider all of the other options you have, including annuities.

LIC Jeevan Vishwas and Jeevan Aadhaar policies are eligible for a tax deduction. These policies are meant to protect and provide for the financial needs of handicapped and disabled individuals. When you pay premiums for these policies, you can claim a tax deduction on them under section 80DD. Depending on your medical condition, you can deduct up to Rs75,000 on the premiums you paid. If you have a severe disability, the deduction limit increases to 1.25 lakhs.

LIC Jeevan Aadhaar and Jeevan Vishwas policies are eligible for tax deduction. These policies are designed to provide coverage for handicapped and disabled individuals. By taking out these policies, you can claim a tax deduction under Section 80DD. This means that you can deduct the premiums you pay for Jeevan Aadhaar and your policy for the same reasons. The limits of the deduction vary by age and severity of the handicap and disability.

LIC offers deferred annuity plans that allow you to commutate your pension when it reaches maturity. Upon retirement, you can commutate your pension into a lump sum by withdrawing one-third of the total corpus. You can continue paying the other two-thirds of the pension as an annuity. Moreover, a commuted pension is tax-free income under Section 10 (10A) of the 1961 Income Tax Act.

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