Life Insurance Tax Benefits
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Table of Contents
- Your Life insurance policy offers you dual benefits
- By investing in a Life Insurance policy, you can avail the following benefits under the Income Tax Act, 1961
- Deductions from gross income
- Additional deduction allowed for individuals for taking health insurance for parents as under
- Exemption from the proceeds
- Illustration (For Men/Women below 60yrs/Sr. Citizen upto 80yrs/ Sr. Citizen above 80yrs)
Your Life insurance policy offers you dual benefits:
By investing in a Life Insurance policy, you can avail the following benefits under the Income Tax Act, 1961:
Deductions from gross income
– Additional deduction allowed for individuals for taking health insurance for parents as under:
Exemption from the proceeds
Illustration (For Men/Women below 60yrs/Sr. Citizen upto 80yrs/ Sr. Citizen above 80yrs)
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Disclaimer
ABSLI DigiShield Plan. This is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 9 (Level Cover with Survival Benefit) and Plan Option 10 (Return of Premium [ROP]) this product shall be a non-linked non-participating individual life savings insurance plan. UIN: 109N108V11
^ ABSLI DigiShield Plan scenario: Female, non smoker, Age: 21 years, level Term Insurance, Premium paying Term: regular pay, policy term: 25 years, Pay frequency: Annual Premium of Rs. 6500/12 months (on average Rs. 542/month) Exclusive of GST (offline premium).
~ Our life insurance policies cover COVID -19 claims under life insurance claims, subject to applicable terms & conditions of policy contract and extant regulatory framework.
*Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
ADV/6/23-24/672
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