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Tax Benefits

Tax Benefits - IDBI Federal Life Insurance
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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.1,50,000.
  • 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.

*Please note that tax laws and benefits under the said laws are subject to change. Please consult your tax advisor for the latest tax benefits on Life Insurance plans.

 
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