• Get Life Cover worth Rs.1 Crore at Rs.17 per day2 – Bajaj Allianz Life Smart Protection Goal

  • Apne life goals ki guaranteed1 hona Ye Bhi Sahi Hai

  • Fulfill your Life Goals with Bajaj Allianz Life Goal Assure

  • Here's a Comprehensive Tool To Plan Your Child's Future

  • There is lot to remember in Life, Set renewal premium payments to Auto Pay

  • Get your Life Goals Done with Bajaj Allianz Life Smart Assist – BINA MILEY MIL-KAR

  • Paying your Renewal Premium is Quick and Easy!

  • Know the right amount of Insurance you need in just a few steps!

  • Avail Term Insurance Tax Benefits under Section 80D

  • Know how to invest money during the covid-19 pandemic!


Thanks for showing your interest. A representative from
Bajaj Allianz Life will contact you shortly.

Dear Customer, we request you to connect with us in our next business working hours, (Monday to Saturday 24*6) Thank you, Have a great day ahead


I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business


Please refer to BALIC Privacy Policy

In this policy, the investment risk in investment portfolio is borne by the policy holder.

Strong Long Term Fund Performance Track Record**

One Of The Most Trusted Brands#

Section 80C: Deductions Under Section 80C Of Income Tax Act| Bajaj Allianz Life

Tax Benefits~ On Online ULIP Plans

Please enter a Name
Please enter a Mobile No.
Please check the box to proceed
WS_LIGuideHome_Banner_EN 307 38983691 WS_LIGuideHome_Banner_HI 307 38983695
WS_LIGuideHome_Banner_Mob_EN 307 38983693 WS_LIGuideHome_Banner_Mob_HI 307 38983677
Please Select Language

**, #, T&C Apply | BJAZ-WB-EC-02755/21

Section 80C: Deductions Under Section 80C Of Income Tax Act

By : Bajaj Allianz Life

Section 80C of Income tax Act 1961 is that the deductions are available not only on the salary but the total income of the taxpayer, also called the gross income. This greatly helps in reducing the tax burden. Consider following pointers regarding Section 80 C:

  • These deductions can be availed only by individuals and Hindu Undivided Families (“HUFs”)
  • Partnership Firms, companies, etc. cannot avail of these benefits
  • Taxes on an amount of up to INR 1.5 lakhs can be saved under Section 80C, 80CCC and 80CCD(1) combined

Let us understand these deductions in detail:

1. Life Insurance Premium3

You can claim a tax deduction U/S 80C of the Income Tax Act 1961, for the premium paid for insurance coverage for yourself, your spouse, and your children subject to provisions stated therein.

2. PPF (Public Provident Fund)3

Public Provident Fund is a government-initiated plan where an individual can invest from INR 500 - INR 1,50,000 in a financial year. This investment amount can be claimed as a deduction under section 80C.

3. Senior Citizen Savings Plan2

Individuals who are above 60 years can invest up to INR 1,50,000 per financial year, and this entire amount is deductible under section 80C.

4. Sukanya Samriddhi Yojana2

If you have a girl child who is below 10 years, you can invest in the Sukanya Samriddhi Yojana scheme which allows tax deduction under section 80C subject to provisions stated in the Act.

5. Tax Saving FDs2

If you deposit in fixed deposits for a period of 5 or more years, you can claim for a tax deduction.

6. Equity-Linked Savings schemes (ELSS)3

If you wish to invest in equity funds, you can claim a deduction under Section 80C as per the limits stated in the policy.

7. Home Loan Repayment3

If you have taken a home loan from any banking institution, you can claim up to INR 1,50,000 as a tax benefit on the principal amount. However, this can be claimed only when conditions stated in the Income Tax Act 1961 for claiming this deduction are met.

8. Unit Linked Insurance Plan (ULIP)3

You can claim premiums paid towards ULIPs for an amount up to INR 1,50,000 as a deduction from gross income under Section 80C.

How to Maximize Tax Saving under Section 80C?

The tax saving investment options discussed above are ways to maximise tax savings. While building a corpus for a financially safe future, you also get to reduce the burden of taxes on your monthly budget. As per the Union Budget 2022, you can opt for the old tax regime and continue taking tax benefits under Section 80C4. Choose an appropriate product that acts as tax saving investment and helps you save more.


Under Section 80C of the Income Tax Act 1961, you get a number of solutions to reduce your tax liabilities by making tax saving investments. That's why you may consider making investments in appropriate instruments to increase your financial savings and security by tax savings.

Based on your earnings, expenses, and requirements, you may consider creating a portfolio by integrating life insurance into it, as it offers life coverage and saves taxes. This will help you accomplish two goals in one step.







Bajaj Allianz Life Videos


Presenting Shubman Gill as The New ACE Of India | Bajaj Allianz Life | Bajaj Allianz Life ACE

Contact Us

Bajaj Allianz Life Insurance Company Ltd.

Bajaj Allianz House, Airport Road, Yerawada, Pune - 411 006, Maharashtra

Tel No: 020-66026773

Branch Visit Timings:

Monday to Friday - 9:00 AM to 3:30 PM (IST)

Saturday - 9:00 AM to 1:00 PM (IST)

Customer Care Helpline:


Monday to Sunday: 9:00 AM to 7:00 PM (IST)

NRI Services Helpline

24/7 (All week days)

Sales Enquiry Helpline:


Monday to Saturday: 9:00 AM to 7:00 PM (IST)

For NRI: +91-20-35125850 (Call charges apply)

Monday to Saturday: 9:00 AM to 7:00 PM (IST)

Find Us Online

#Survey conducted by brand equity – Nielsen in March 2020

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

**Past performance is not indicative of future performance.

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.

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on carefully before concluding a sale. Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.