Term plan takemn form life insurance cmpany and Accidental insurace plan.
are eligible for deduction under income tax act, if yes under which section its fall.
2 Replies
CA Puja Sharma
(Chartered Accountant)
(5010 Points)
Replied 10 March 2022
Yes deduction allowed of Term Insurance u/s80C
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 10 March 2022
You are eligible for deduction u/s 80C for insurance on life & 80D for insurance on health.
But you will not get any amount at the end of maturity in the LIP scheme under term insurance
But you will not get any amount at the end of maturity in the LIP scheme under term insurance
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