How LIC schemes are helpful in Income Tax? This article is for various exemptions available to the assessee while investing in the securities of the LIC. Life Insurance Corporation is the only source where the deductions under the Income tax are available which are beneficial from both the side. These expenses have been given exemption and the sum received as a maturity amount or the amount received at the death of any person is also exempt. Now check more details for "How LIC schemes helpful in Income Tax?" From below....
How LIC schemes helpful in Income Tax?
Various beneficial exemptions:1. The investments done in the plans of LIC such as Jeevan Nidhi Plan or New Jeevan Surakhsha Plans u/s 80CCC, which are the plans for receiving the pensions in the later stage fall under the category of the exemption and any amount deposited in the scheme, would be allowed as deduction subject to maximum exemption of Rs. 1,50,000. This limit of Rs. One Lakh fifty thousand is for the aggregate of the sections – 80C, 80CCC & 80CCD.
- Deduction is allowable up to Rs. Twenty five thousand for the individual having the age less than sixty years.
- If the amount is paid for the parents or spouse or the children of the assessee than the assessee would be given additional deduction of Rs. Twenty five thousand.
- If the insured person is of the age of more than 60 years than the deduction amount available to the assessee would be Rs Thirty thousand.
- If the person has paid to insurance company is not an Individual and is HUF than the person would be eligible for the deduction if the insurance or the Mediclaim is taken for the member of HUF.
- The deduction of preventive health check up would also be eligible for deduction if the amount is Rs. Five thousand or less.