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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, 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.
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.
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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 Policyas 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.
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.
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