Life insurance premium paid to insurance company

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  1. Deepak Chitnis

    Deepak Chitnis New Member

    I am NRI working abroad and pay LIP to Met Life Alico of US $ 950 per year. Does this amount qualify u /Sec 80c for deduction?
     
  2. ZED

    ZED Well-Known Member

    As such there is nothing u/s 80C which disallows such expense and hence my advice is to claim the deduction. Maximum limit is 1.5Lacs.



    (On a side note)
    What does the policy says in respect of "Hospitalisation and Domiciliary Hospitalisation Benefit Policy"?

    Actually u/s 80D, (health insurance) , the polcy which has been notified by the Govt. is "Hospitalisation and Domiciliary Hospitalisation Benefit Policy", and as per this policy the very first para says "80 per cent of the amount of such expenses as are actually and necessarily incurred in respect thereof anywhere in India..."
    Hence the expenses incurred outside India are not allowed u/s 80D.
    [Kindly note that as such there is no such provision for 80C]
     
  3. V K Khanna

    V K Khanna Active Member

    Yes, the amount paid would qualify for deduction under Sec 80C provided the premium paid is not more than 10% of the sum insured.
     
    ZED likes this.
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