3 Tax Benefits Life Insurance Plans Provide

1. Section 80C deduction
The tax benefits you get from life insurance provided by a life insurance policy from one of the life insurance companies.
Life insurance premium upto a maximum of Rs 1.5 lakh annually is eligible for tax deduction provided the sum assured or the life insurance amount is at least 10 times the annual premium.

2. Section 80D deduction
People who are below age 60 can claim up to Rs 25,000 annually as tax deduction for premiums paid for critical illness riders of life insurance plans.

3. Section 10(10)D exemption
Maturity proceeds or death benefits of life insurance plans are tax exempt provided, the annual premium remains below 10% of sum assured or life insurance amount, during entire term of the policy.
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