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Deduction of life insurance premium u/s 80c

vaibhav (CA FINAL STUDENT CS Professional Student) (149 Points)

27 July 2013

Hi friends i want to know that in Case of Joint account under life insurance premium, who is eligible for deduction, Is it both? PLZ explain it???????

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4 Replies

Saurabh Maheshwari (B.com,ACA) (5923 Points)
Replied 27 July 2013

The person who has paid...for example joint policy in case of husband-wife...then the spouse paying premium eligible for deeduction....

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vaibhav (CA FINAL STUDENT CS Professional Student) (149 Points)
Replied 27 July 2013

tell me section para also if available?

Veeral Desai (Others) (39 Points)
Replied 16 January 2014

I would suggest to speak to the life insurance company where you have enrolled for. They would provide you with the best possible answer as well as gives you the right para etc.

Rahul Sharma (MBA) (91 Points)
Replied 17 January 2014

I have read it somewhere that if one person decides they no longer want to pay their share of the premium, the policy may lapse. However as Veeral mentioned above; it is not bad to consult a financial advisor for any term plan you have taken.