Lic premium deduction

Priyanka (Job) (23 Points)

15 September 2018  

Hi,

I took Life insurance policy on my name in the year 2018 and the sum assured is Rs.1,00,000/- and the premium payable is Rs.1,365/- Quarterly (1365*4=5,460). My doubt is whether i get deduction of flat RS.10,000(10% of sum assured) or pemium paid whichever is lower.

Thanks in advance.