What are the Tax benefits applicable if you invest in a Life Insurance Policy?

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Under Sec 80C of Income Tax Act

Available for Premium paid (max. up to 20% of SA) on Life Insurance policies with a maximum ceiling p.a. Rs. 1,00,000 irrespective of the Gross Total Income.

A maximum of Rs. 1,00,000 p.a. paid as a contribution on a pension plan is fully deductible from the taxable income (within the max. ceiling Rs. 1 lakh )

Under Sec 80D of Income Tax Act

Premium paid for Critical Illness rider is deductible as medical insurance premia from the annual income chargeable to tax up to a maximum amount of Rs. 10,000.


Exemption from the Life Insurance proceeds

Under Sec 10(10D) of IT Act


• Maturity benefits are tax-free in the hands of the policyholder if, at any point of time during the policy life, premiums paid within one year do not exceed 20% of the basic Sum Assured.

• Death benefits are tax-free.

• Please note that tax laws are subject to change and changes in tax laws could be with retrospective effect.

This information should not be construed as tax, legal or investment opinion from SBI Life Insurance Company Limited. SBI Life Insurance Company Limited is not responsible in any manner for decisions made on the basis of the above information.

• Please consult your tax advisor in connection with your taxability.

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

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