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Is LIC under 80C?

Yes, LIC (Life Insurance Corporation of India) policies fall under Section 80C of the Income Tax Act, 1961. Section 80C provides tax deductions on certain investments and expenses, allowing taxpayers to reduce their taxable income by up to Rs. 1.5 lakh per financial year.

Under Section 80C, the premiums paid towards life insurance policies, including LIC policies, are eligible for a tax deduction. The maximum deduction allowed under this section is Rs. 1.5 lakh per financial year. This deduction is available for the policyholder, their spouse, or any child's policy.

However, there is a condition related to the premium payment to claim the deduction. For policies issued on or after April 1, 2012, the premium paid should not exceed 10% of the sum assured to be eligible for the tax deduction. For policies issued on or before March 31, 2012, the premium should not exceed 20% of the sum assured.

It's important to note that the total deduction under Section 80C is capped at Rs. 1.5 lakh, and if you have other investments or expenses eligible for deduction under this section, the combined deduction cannot exceed the maximum limit.

Additionally, Section 80C also covers other investments and expenses, such as Provident Fund (PF) contributions, Equity-Linked Saving Schemes (ELSS), National Savings Certificate (NSC), Public Provident Fund (PPF), and more.

As tax laws can change, it is always advisable to verify the latest tax rules and consult with a tax professional or LIC representative to understand the specific tax benefits applicable to your LIC policy and its impact on your tax planning.


[Note: This is not lic orginal website.This is  the only thing to shear information about lic] 


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