Updated Feb 28, 2021 | 18:15 IST
Premium payment can be claimed for tax benefit if it is a new policy issuance between October 12, 2020 to March 31, 2021 only and not on renewal premium Already exhausted your 80C limit? Here s how you can still get tax benefits on your insurance premium
New Delhi: This year besides 80C cover, life insurance premium also enjoys tax benefits as part of the LTC scheme. This is as this year or precisely the year 2020 saw restriction in travel due to the Covid 19 pandemic. Also, this comes as a benefit as the 80C section of the Income-tax Act comprises investments such as NSC, Sukanya Samriddhi, PPF, tuition fees, etc., and the limit of Rs. 1.5 lakh gets exhausted fast.