Personal Accident Insurance Under 80C

Section 80C of the Income Tax Act allows for deductions up to Rs.1.5 lakh p.a. Under the section, individuals can invest in a number of savings schemes to claim deductions on their taxable income. Section 80C of the Income Tax Act. came into effect on 1 April 2006. It basically allows certain expenditures and investments to be exempt from tax.. The following investments and payments are eligible for deduction under Section 80C of the Income Tax Act, 1961: Life Insurance : Premiums paid toward all life insurance policies are eligible for tax benefits under Section 80C. This deduction can be claimed for premiums paid towards insuring self, spouse, dependent children and any member of Hindu Undivided Family.. Life Insurance Plans are very popular as a tool to get deduction under section 80C of the Income Tax Act, 1961. The investment in life insurance can be deducted up to Rs 1,50,000. (Rs. 1 Lakh upto A.Y. 2014-15). It a common perception that Premium Paid on all Life Insurance Policies qualifies for deduction under section 80C of the Income Tax .... You can claim the premiums paid towards securing life insurance under Section 80C of Income Tax Act, 1961. You can also get tax exemption on the maturity benefit or the death benefit received by your family in the event of your death under Section 10(10D). 4..

Personal Accident Insurance. Personal Accident Insurance policy provides complete financial protection to the insured members against uncertainties such as accidental death, accidental bodily injuries, and partial/total disabilities, permanent as well as temporary disabilities resulting from an accident.. 11 January 2011 The expenses incurred to get sick if any could be claimed as expenses from accident policy claim. The expenses you are telling is to be claimed if claim is received from mediclaim. Also accident policy is like a loss of profit policy and not in the nature of insurance policy..

Yes, the personal accident insurance is taxable as the Income Tax Act doesn’t provide any type of tax benefits on the insurance you pay for this type of insurance. Call:1800-102-4488|1800-102-6655 Disclaimer: For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.. A point to note: Personal Accident Policy is a defined benefit policy i.e. on occurrence of an insured event; the insurance company pays Sum Insured (full or partial as defined under the policy) to the insured..