80c Tax Saving Plans
- LIC Plans are tax saving under 80c
- 80c investments can be upto 150000 per year
- Death benefit after policy maturity is only Sum Assured.
- Death benefit before policy maturity is Sum Assured + Accured bonus.
- Accidental death and disability benefit is an inbuilt feature of Jeevan Anand plan.
- Jeevan Anand provides critical Illness benefit.
- Policy holder can take a loan against the policy after paying a premium for three years.
Premiums paid towards most LIC Plans are eligible for Tax rebate under Section 80C each year upto Rs.1,50,000. The Maturity/ Death claim paid under most LIC plans are 100% tax-free under Section 10(10d)
Eligibility Conditions And Restrictions
- Minimum Age : 18 Years Completed
- Maximum Age : 50 years
- Maximum Maturity Age : 75 years
- Policy Term : 15 years to 35years
- Minimum Sum Assured : Rs,1,00,000
- Maximum Sum Assured : No limit
- Premium Payment : Yearly/Half yearly/Quarterly/Monthly/(Through Bank)
- Loan : Eligible After 3 years
- On Death Before Maturity 1.25% sum assured + Bonus Payable
- On Maturity Sum Assured + Bonus Payable