Deduction under Section 80 C of the Income Tax Act,1961

Maximum Rs. 1,00,000/- can be invested under 80C to get tax benefts.

Income tax exemption under Section 80 D

Health Insurance Premium paid under a scheme framed by any other insurer and approved by the Insurance Regulatory & Development Authority (IRDA).
The premium may be paid by any mode of payment other than cash.
For senior citizens i.e an individual resident who is of the age of 65 years or more at any time during the relevant previous year: The amount of heath insurance premium paid or Rs. 20,000 whichever is less.
For non senior citizens: The amount of health insurance premium paid or Rs. 15,000 whichever is less.
For an individual: Premium paid for insuring the health of the individual, his or her spouse, parents and children. For a Hindu undivided family (HUF) Premium paid for insuring the health of any member of the family.

Income tax exemption on Maturity/ Death Claims proceeds under Section 10(10D)

Under the provisions of section 10(10D) of the Income-tax Act, 1961, Maturity/Death claims proceeds of life insurance policy, including the sum allocated by way of bonus on such policy (other than amount to be refunded under Jeevan Aadhar Insurance Plan in case of handicapped dependent predeceases the individual or amount received under a Keyman Insurance Plan) is exempted from income-tax.
However any sum (not including the premium paid by the assessee) received under an insurance policy issued on or after the 1st day of April, 2003 in respect of which the premium payable for any of the years during the term of the policy exceeds 20% of the actual capital sum assured will no longer be exempted under this section.

Any LIC policy, Contact me at 9972660645 or write to support@licbangalore.com