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Deductions from gross income on Life Insurance premium paid (Traditional & Unit Linked Plans)

Under Sec 80C of Income Tax ActAvailable for Premium paid (max. up to 20% of SA) on Life Insurance policies with a maximum ceiling p.a. Rs. 1,00,000 irrespective of the Gross Total Income.

A maximum of Rs. 1,00,000 p.a. paid as a contribution on a pension plan is fully deductible from the taxable income (within the max. ceiling Rs. 1 lakh )

Under Sec 80D of Income Tax Act
Premium paid for Critical Illness rider is deductible as medical insurance premium from the Gross Total Income chargeable to tax up to a maximum amount of Rs. 15000 & an additional amount of Rs 5000/- (when policy is taken on the health of a senior citizen)

Exemption from the Life Insurance proceedsUnder Sec 10(10D) of IT Act