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2,3,##T& C Apply | BJAZ-BN-EC-03414/22

Life Insurance Tax Benefits Under Section 80C & 10D


Oct 29, 2021

By : Bajaj Allianz Life


What is life insurance cover?


  • A contract between you and an insurance provider is known as life insurance. In exchange for your premium payments, the insurance company will pay your nominees a lump sum amount known as a death benefit if anything untoward happens to you during the policy term.
  • Recipients are free to spend the funds for whatever they like. Paying bills, paying a mortgage, and putting a child through college are all examples of this. Having life insurance as a safety net can help your family pay for the things you planned for.
  • Term insurance and whole life insurance are the two main types of life insurance. Whole life insurance can offer coverage for a lifetime, whereas term life insurance only gives coverage for a defined length of time.


How does life insurance work?


  • When you buy a life insurance policy, you agree to pay premiums in order to maintain your coverage. If you die, the life insurance company will pay a death benefit to the person or people you specified as nominees. Some life insurance policies allow you to receive both death and living benefits. For example, a living benefit rider provides additional coverage in terms of supplementary benefits, on the basic policy at a nominal extra cost. This type of rider can be useful if you're terminally ill and require money to pay for medical treatment.
  • A life insurance calculator can assist you choose a death benefit when it comes to coverage quantities. A term life insurance policy protects you for a specific period of time, whereas a whole life insurance policy protects you for the rest of your life as long as premiums are paid. Term life insurance is less expensive than whole life insurance, however whole life insurance can provide benefits such as cash value accumulation depending upon the terms and conditions of the policy. The amount of a life insurance premium is determined by the type of policy, the death benefit amount, the riders you choose, and your overall health condition and lifestyle habits.


Life insurance Tax benefits



• Deduction under Section 80C of Income Tax Act 1961


Section 80C allows you to deduct insurance premiums paid to insure your own life, the life of your spouse, or the life of your child subject to conditions specified therein. The deduction under section 80C is allowed regardless of whether your child is dependent or independent, minor or major, married or single. This deduction is available to both individuals and HUFs under Section 80C.

A Section 80C deduction is available for premiums paid to any insurer that has been approved by the Insurance Regulatory and Development Authority of India (IRDAI). However, if the policy was issued after April 1, 2012, the yearly premium paid cannot exceed 10% of the total sum assured in order to claim a deduction under section 80C. For policies issued before April 1, 2012, the yearly premium paid must not exceed 20% of the sum assured.

Furthermore, it is important to note that for a policy issued after April 1, 2013, covering the life of an individual with a disability referred to under Section 80U or a disease referred to under Section 80DDB, the premium must not exceed 15% of the sum assured in order to claim the deduction under Section 80C. The term "sum assured" simply refers to the minimum amount guaranteed to the survivor under the policy. This figure excludes any premiums that have been agreed to be returned, as well as any incentive payments made under the policy.


• Exemption under section 10(10D) of Income Tax Act 1961 on Maturity amount received


Any amount received on maturity of a life insurance policy or amount received as bonus is fully exempt from Income Tax 1961 under Section 10(10D). when the premium paid on the policy does not exceed 10% of the sum assured for policies issued after April 1, 2012, and 20% of the sum assured for policies issued before April 1, 2012. Policies taken after April 1, 2013, on the life of a person with a disability or sickness listed under Sections 80U and 80DDB of the Act, where the amount received at maturity is tax-free if the premium paid does not exceed 15% of the sum insured, are also included.


• No exemption from income tax on the maturity of policies


Where the premium paid exceeds 10% of the total assured - Any money received from a life insurance policy whose premium is greater than 10% or 20% of the sum assured, depending on the case, is completely taxed.


Wrapping Up


Life insurance policies give policyholders and their loved ones the assurance that if a person dies, financial issues would be averted. Understanding how the process works, from purchasing life insurance to submitting a claim and receiving a payout, will help you feel more confidence in your decision to buy coverage.


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##Our policy covers COVID 19 claims subject to policy terms and conditions being met

3Discount is available for regular premium and limited premium payment frequency under all variants of this product.

2Above illustration is considering Male aged 25 years | Non-Smoker | Life Cover Variant | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Non -medical rates | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.