- Dependent Father/Mother.
- Dependent Brother /Sister.
- Spouse (wife/Husband)
- Minor Son/Daughter.
- Major Son (Income more than 2 Lakh)
- Major Dependent Children.
- Married Daughter.
So Individual can pay life insurance premium on the policy of following(a) for the purposes of clauses (i), (v), (x) and (xi) of that sub-section,—(i) in the case of an individual, the individual, the wife or husband and any child of such individual, and(ii) in the case of a Hindu undivided family, any member thereof;
- On himself
- On Wife/husband(dependent or not)
- Major or minor
- Earning any income or dependent
- Married or unmarried
Premium paid on policies in name of adult children - Relief under section 80C is available in respect of premia paid on the life insurance policies on the lives of adult children, irrespective of their status; for example, premia paid on a policy on the life of a married daughter. This relief will continue to be available under the new section (section 88) introduced by the Finance Act, 1990, as the language of the new section is in pari materiawith that of section 80C of the Act—Circular : No. 574, dated 22-8-1990.
- Parents (mother or father)(dependent or not )
- Brother or Sister (dependent or not)
- (i) Life insurance premium as stated above
- (v) Public Provident Fund
- (x) UTI Unit linked insurance Plan 1971(as a contribution, in the name of any person specified in sub-section (4), for participation in the Unit-linked Insurance Plan, 1971 (hereafter in this section referred to as the Unit-linked Insurance Plan) specified in Schedule II of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002)
- (xi) as a contribution in the name of any person specified in sub-section (4) for participation in any such unit-linked insurance plan of the LIC Mutual Fund referred to in clause (23D) of section 10, as the Central Government may, by notification in the Official Gazette, specify in this behalf
Also Read Who's name Saving can be done under section 80C
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