Lic deduction amount

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 May 2012 i have take bima nivesh policy to my senior person.

sum is assured 100,000Rs.
Basic premium one time 99005

shall i get the full deduction of lic premium this year.

karan pahuja

karan pahuja (Expert)
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07 May 2012 Dear Friend,

Upto Rs 1,00,000 of premium not sum assured you will deduction, therefore you will get the ded. on whole your premium of rs 99,005 in a year.

Querist : Anonymous

Querist : Anonymous (Querist)

08 May 2012 lic policy is the period of 5 years.
maturity amt 171000 off figure
plicy name bhima nivesh specially for senior.

can senior person get the full deduction of lic premiun paid onetime lumsum i.e.99005

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karan pahuja

karan pahuja (Expert)
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08 May 2012 do this lic policy on your name or on some other person name because it gives the benefit to the policy holder not to the premium payer. & the policy holder get the benefit for whole premiun upto rs 100,000