Rebate u/s 80c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 January 2013 kindly advise whether the ULIP of any Insurance company is elegible for tax benefit u/s 80C for the F.Y 2012-13 . What are the ruls for taking the tax benefit of ULIP .
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@VaibhavJ

@VaibhavJ (Expert)
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28 January 2013 hey hi,

Yes, It is available.

Rule is that Investment to be made by himself. Lock in period is 5 yrs.

If an assessee terminates the participation in any ULIP plan by purposely terminating the ULIP or in case of failure to pay any contribution payable, before a period of 5 years from purchase of such ULIP, no deduction will be allowed to the assessee in such previous year of policy termination.

Moreover the deduction allowed in past previous years on account of such contributions to ULIP shall be taken as deemed income in the year of ULIP membership termination.

Thanks!!