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Buy LIC Policy in Hyderabad.

SECTION 80D AND LIC POLICY

SECTION 80CCC AND LIC POLICY

Income Tax Benefits from Life Insurance Policy of LIC of India. FY 2016 -17.

​​​​​​​​​​​Buy, Purchase LIC Policy and maximize your Tax Savings  and Income Tax Rebates for the Life Insurance Premiums you pay under Section 80CCC. Section 80CCC refers to the deduction of life insurance Premium paid to Annuity Plan of LIC or LIC Annuity Plan. The Plan must be for receiving  Pension from a Fund refered to in Section 10(23AAB). If the Annuity is surrendered before the date of its Maturity, the Surrender Value is taxable in the Financial Year of receipt.


The Deduction to an individual for an Amount paid or deposited by him from his taxable income in a Annuity Plan - JEEVAN NIDHI Plan of LIC of India for receiving Pension ( from the fund set up by the LIC of India under the Pension Scheme ) is allowed.


NOTE: The aggregate Amount of Deduction under Section 80C, 80CCC and 80 CCD(1) by way of life insurance LIC Policy yearly premiums with out service tax, shall not in any case exceed rupees One Lakh Fifty Thousand (₹1,50,000).

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​​Buy  LIC Income Tax Benefit Plan in Hyderabad © All Rights Reserved. WhatsApp: +919000759933. Email: makelicpolicy@gmail.com

​​​​​​​​​Buy, Purchase LIC Policy and maximize your LIC Income Tax Savings, LIC Income Tax Benefits, LIC Income Tax Rebates, and LIC Income Tax Exemptions for the life Insurance Premiums you pay under Section 80C. These include the life Insurance premiums you pay towards life insurance LIC Policies, ULIP Policies of LIC, and contribution to notified Annuity Plans of LIC of India. The total amount of eligible yearly life insurance premium with out service tax is up to ₹1,50,000 for the Financial Year 2016-16 and Financial Year 2017-18.


Why you should not consider other than LIC for your Tax Savings Planning u/s 80C.

  • ​Treating Tax Planning as a burden and selecting the first available/easiest option for an investment other than LIC.
  • Not paying attention to investment risk implications. Do not invest everything only in high risk investments like ELSS etc.
  • Treating Tax Planning and Financial Planning as separate activities. While lookling at options u/s 80C, always consider options like life insurance, Pension Schemes and other long term investments which work as both.
  • Not considering the Tax implications on the Investment Returns. Not all Investments u/s 80C are same. For example, returns form NSC, Debt Mutual Funds, Bank FD's are taxable. But Returns(Maturity Amount) on your life insurance of LIC are not taxable.

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Income Tax Rebate & Life Insurance Policies

​​​​​​​​​​Get LIC Income Tax Benefit, LIC Income Tax Savings, LIC Income Tax Exemption and LIC Income Tax deductions u/s 80C, 80 CCC, 80 CCD,  and 80D on the life insurance premiums you pay on purchase of LIC Policy. These Income Tax Benefits are available up to a total yearly premium of Rs. 1,80,000 on the purchase of New LIC Policy. Plan various objectives and goals in life with the  premiums paid to LIC of India for its various schemes and maximize your Tax Savings and create Wealth. Additionally you can also get Income Tax Rebate on huge Maturity Amount under Section 10(10D). Again this is apart from the seal of Sovereign Guarantee from Central Government of India.


Why should you consider Life Insurance of LIC of India as your primary Tax Savings Option.

  • Eligible for Tax exemption on both the Premiums (Investment) you make and on the the huge Maturity Amount(returns) you get. Double Benefits. One shot two birds.
  • Gives higher returns, after considering the Income Tax implications.
  • Ensures you can live stress free life without worrying about emergencies.
  • Helps you to invest in a desciplined manner for your future.


LIC - LIC POLICY - LIC INCOME TAX REBATE PLANS - LIC INCOME TAX SAVINGSPLANS - LIC INCOME TAX BENEFITS PLANS - INCOME TAX DEDUCTIONS PLANS

INCOME TAX REBATE & LIC POLICY

​​Buy, Purchase LIC Policy to maximize your LIC Tax Savings, LIC Income Tax Benefits, LIC Income Tax Rebates, and LIC Income Tax Deductions on the Maturity Benefit Amount received on Maturity of LIC Policy​​as per Section 10(10D) of the Income Tax Act, 1961. Further, Any life insurance sum assured received under a Life Insurance Policy, including the sum allocated by way of Total Accrued bonus, Interim bonus and Final Additional Bonus on such policy is exempt from income tax where the sum is received as a death benefit of the life assured.


For other benefits like Survival Benefits (Money Backs, & Maturity Amounts), policy which has been issued on or after April 1, 2012 and the premium paid in any of the years during the term of the policy not exceeding 10% of the Actual Capital Sum Assured are also eligible to exempt from tax as per Section 10(10D). For other miscellaneous conditions refer the downloaded pdf - Inocme and Tax Benefits on Life Insurance Policy.

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SECTION 10(10D) AND LIC POLICY

SECTION 80C AND LIC POLICY

​​​​​​​​​​​Buy, Purchase LIC Policy to further maximize your LIC Tax Savings, LIC Income Tax Rebates, LIC Income Tax Benefits, and LIC Income Tax Deductions on the life insurance premiums you pay for Health Insurance and Medical Insurance under Section 80D of I.T Act. Section 80D deals with the  life insurance Premium paid for Medical Insurance and Health Insurance of LIC Policy Jeevan Arogya Table no 904 and LIC's Critical Illness Rider attached to any other life insurance LIC Policy as allowed by LIC OF India.

  • A total of Rupees 25,000 (Twenty Five Thousand) is allowed as Income Tax deduction from taxable Income to a individual assessee, for the Medical Insurance & Health Insurance Premium paid for self, spouse, and dependent children. If the individual or spouse is more than 60 years old, the income tax deduction from taxable income can be increased upto Rupees 30,000.
  • Additional Income Tax Deduction from taxable income upto Rs.25,000 is allowed, if the Amount is paid to keep in force an Health Insurance & Medical Insurance policy of LIC on the Health of Parents, whether dependent or not. If the parent is a senior citizen, the maximum Income Tax deduction from taxable income allowed is limited to Rupees 30,000.
  • In case of HUF, the Income Tax deduction  allowed from Taxabale Income is upto Rupees 25,000, if the amount is paid to keep an Health insurance policy, Medical Insurance of LIC Policy on health of any member of that HUF (Hindu Undivided Family)
  • ​If an Individual takes Health Insurance Policy or Medical Life Insurance Policy on his life/Spouse/Dependent children and also includes any one of parent as Senior Citizen, he is eligible for an amount of ₹55,000/- for income tax deduction from taxable income under Sec. 80 (D).
  • If the Individual himself is a Senior Citizen and includes his parents, he is eligible for income tax deduction og Rupees 60,000 as Income Tax exemption from the Taxable Income.

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