Tax Benefits

Life insurance and retirement plans are one of the most effective ways of saving taxes.

A summary of these benefits is provided below:

• Life Insurance Plans and certain types of annuity plans are eligible for deduction under Section 80C.
• Specified Pension Plans are eligible for a deduction under Section 80CCC.
  The contributions/payments made towards the life insurance plans and annuity/pension plans are eligible for an overall tax deduction of Rs.1,00,000.
• Health Insurance Plans/Riders are separately eligible for deduction under Section 80D.
• The proceeds or withdrawals from Life Insurance Policies are exempt under Sec 10(10D), subject to norms prescribed in that section.