Tax benifit of the life insurace policy

gopi krishna (sse) (34 Points)

29 February 2012  

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.