If you have paid an insurance premium to insure your own life or the life of your spouse or child, such premium payments are eligible for deduction under section 80C of the Income Tax Act. The tax deductions provided under both the sections for life insurance policy are provided below. Life insurance policies offer maturity/death benefits and tax deductions under Section 80C and Section 10(10D) of the Income Tax Act, of 1961. Income received from insurance policies issued on or after 1 April 2023 (other than unit-linked policies), having a premium or aggregate of premium exceeding Rs 5 lakh in a year, will be taxable (except in the case of the death of the insured).
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