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Regarding single lic premium

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(Querist)
26 March 2019 Sir, I want to ask that How Single LIC Premium treated under Income Tax Act.
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
27 March 2019 Premium paid on Single life insurance policy should not exceed 10% of the Sum assured. Only then, the deduction on premium payment will be available under 80C
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
27 March 2019 Above rule should be satisfied even at the time of maturity receipt of the policy failing which the entire proceeds will be taxable
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