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Income tax exemption on Maturity/death claims proceeds under Section 10 (10D):
Under the provisions of sub section 10 D of Section 10 of Income Tax Act 1961, any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy other than any sum received under sub section (3) of Section 80 DD (i.e. amount to be refunded under Jeevan Aadhar Insurance Plan in case the handicapped dependant predeceases the individual) or under a Keyman Insurance Policy, is exempted from income tax.
New Jeevan Suraksha -1 Plan (U/s 80CCC):
A deduction to an individual for any amount paid or deposited by him from his taxable income in the above annuity plan on h is/her own life only, for receiving pension (from the fund set up by the Corporation under the Pension Scheme) is allowed. The deduction will be restricted to Rs 10,000/-.
Jeevan Aadhar Plan (Sec 80 DD):
As per Section 80 DD an amount not exceeding Rs 40,000/- deposited with the LIC under the Jeevan Aadhar Plan for the maintenance of an handicapped dependent is eligible for deduction from the total income.
Insurance on Joint lives:
Premia paid under an insurance policy effected jointly on the lives of a husband and wife or in the case of a Hindu Undivided Family, jointly on the lives of two or more members of the family are eligible for the prescribed deduction under Section 88. However, such relief is not available on premiums paid on policies singly or jointly on the lives of other relatives.
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