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INCOME TAX AND TAX BENEFITS FROM LIC



You can save tax for all the investments made in LIC of India.
Some important income tax benefits available under various plans of life insurance are given below:

1) Deduction allowable from Income for payment of Life Insurance Premium (Sec. 80C).

  (a) Life Insurance premia paid in order to effect or to keep in force an insurance on the life of the assessee or on the life of the spouse or any child of assessee & in the case of HUF, premium paid on the life of any member thereof, deduction allowed upto 20% of capital sum assured during any financial year.
  (b) Contribution to deferred annuity Plans in order to effect or to keep in force a contract for deferred annuity, on his own life or the life of his spouse or any child of such individual, provided such contract does not contain a provision to exercise an option by the insured to receive a cash payment in lieu of the payment of annuity is eligible for deduction.
  (c) Contribution to Pension/Annuity Plans - Jeevan Akshay - VI

2) Deduction under section 80D

  Deduction allowable upto Rs.15,000/- if an amount is paid to keep in force an insurance on health of assessee or his family (i.e. Spouse & children)
  Additional deduction upto Rs.15,000/- if an amount is paid to keep in force an insurance on health of parents
  In case of HUF, deduction allowable upto Rs.15,000/- if an amount is paid to keep in force an insurance on health of any member of that HUF
  Note: If the sum specified in (a) or (b) or (c) is paid to effect or keep in force an insurance on the health of any person specified therein who is a senior citizen, then the deduction available will be upto Rs.20,000/-.
provided that such insurance is in accordance with the scheme framed by
  a) the General Insurance Corporation of India as approved by the Central Government in this behalf or;
  b) Any other insurer and approved by the Insurance Regulatory and Development Authority.

3) Income tax exemption on Maturity/Death Claims proceeds under Section 10(10D)

  Under the provisions of section 10(10D) of the Income-tax Act, 1961, Maturity/Death claims proceeds of life insurance policy, including the sum allocated by way of bonus on such policy (other than amount to be refunded under Jeevan Aadhar Insurance Plan in case of handicapped dependent predeceases the individual or amount received under a Keyman Insurance Plan) is exempted from income-tax. However any sum (not including the premium paid by the assessee) received under an insurance policy issued on or after the 1st day of April, 2003 in respect of which the premium payable for any of the years during the term of the policy exceeds 20% of the actual capital sum assured will no longer be exempted under this section.

INCOME TAX SLAB

Individual & HUF below age of 65 years Woman below age of 65 years Individual above age of 65 years Tax Rates
 Upto Rs.2,00,000  Upto Rs.2,00,000  Upto Rs.2,50,000 Nil
 Rs.2,00,001 to Rs.5,00,000  Rs.2,00,001 to Rs.5,00,000  Rs.2,50,001 to Rs.5,00,000 10%
 Rs.5,00,001 to Rs.10,00,000  Rs.5,00,001 to Rs.10,00,000  Rs.5,00,001 to Rs.10,00,000 20%
 Above Rs.10,00,001  Above Rs.10,00,001  Above Rs.10,00,001 30%


  Education Cess : An additional surcharge called as ‘Education Cess’ is levied at the rate of 2% on the amount of Income tax and surcharge (if any) in all cases shall be levied.
  Secondary and Higher : An additional surcharge, called the "Secondary and Higher Education Cess on income- at the rate of 1% of income-tax and surcharge (not including the “Education Cess on Income-tax”) in all cases shall be levied.

FOR MORE INFORMATION MAIL THE DETAILS TO response@licbangalore.co.in
YOU CAN EVEN SMS LIC TO LIC BANGALORE AT 9945689986


 



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