LIC premium U/s 80-C

Parmod Agarwal (Assistant Manager) (394 Points)

02 March 2010  

Dear All,

 

Our one employee has submitted the LIC Premium Receipt RS 50000/- in the unit plan. He told me that it is one time payment no further payment will be required. But as per act, On the LIC premium rebate Maximum cap 20% of the sum assured are applicable. Please clarify :

either he is allowed Rs. 50000/- us 80-C or Rs. 10000/- 20% of sum assured .

Sum assured is also Rs.50000/-

plz clarify.

 

Thanks

 

Parmod