Tax Benefit - Life Insurance premiums paid up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the policy will be eligible for benefits under 10(10D).
Minimum | Maximum | |
Sum Assured (in Rs.) | 50,00,000 | 10 crores |
Policy Term (in years) | 10 | 25 |
Premium Payment Term (in years) | Equal to Policy Tenure | |
Entry Age of Life Insured (in years) | 18 | 50 |
Age at Maturity (in years) | - | 70 |
Payment modes | Yearly and Half-Yearly |