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Asked by namish on :Jul. 05, 2018

I have taken a life insurance policy for my wife.…

I have taken a life insurance policy for my wife. Can I claim a deduction for the premium payment?

I have taken a life insurance policy for my wife. Can I claim a deduction for the premium payment?

0

Jeeba Jul. 05, 2018

You can avail the benefits of deduction for the premium paid for the spouse.

As per the section 80C LIC premium paid by the taxpayer for the insurance policy on own life, spouse life and life of any children is allowed deduction.

Assuming that you have taken such LIC after 01.04.2013, the premium paid up to the 10% of assured value shall be allowed as a deduction.

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