Tax benifit of the life insurace policy

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I have a question on the tax benifit of the life insurance premium.  I would like to know who will get the tax benifit if the policy holder and sum assured are different.

My father opened a life insurance plan  withhimslef as the  policy holder assuring my life. Policy as was taken when I was a student . Now I am the earning person.

If I ( person whose life is assured ) pay the premium from now onwards does I get the tax benifits or only a policy holder gets the benifit.

Please  clarify this .

 

Thanks in advance.

 

Replies (2)

Hi Gopi,

If you are paying Life Insurance Premium for you, your spouse or your Children, you can gain exemption u/s 80C.

Yes, you can claim exemption (for your query) as the policy is in your name and you are paying the LIP for it.

Regards,

Prateek

Originally posted by : Prateek Agarwal ya u can tak its benefit..

Hi Gopi,

If you are paying Life Insurance Premium for you, your spouse or your Children, you can gain exemption u/s 80C.

Yes, you can claim exemption (for your query) as the policy is in your name and you are paying the LIP for it.

Regards,

Prateek

 


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