06 October 2013
Yes, you can claim deduction U/S 80C..
The policy must be in the assesse's or spouse's or any child's name. For a HUF, it may be on life of any member of HUF.
The 80C deduction is valid on insurance policies purchased after 1st April, 2012 only if the premium is less than 10% of sum assured. Benefits for existing purchased policies continue.
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