Life Insurance Premium Deduction

Tax Glossary Definition

Life Insurance Premium Deduction

Life insurance premium deduction refers to the tax benefit allowed under Section 80C of the Income Tax Act for premiums paid on life insurance policies for self, spouse, or children. The amount paid as premium reduces the taxpayer’s taxable income, subject to the overall limit under Section 80C.

Example: Paying a premium of ₹50,000 on a life insurance policy can be claimed as a deduction, thereby reducing the taxable income by ₹50,000 for that financial year.

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