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Income Tax Benefits
There are sections in the Income-Tax Act that exempt insurance premiums and maturity proceeds from taxes. They are:
Section 80C: Under this section, premium of up to Rs.1 Lakh can be claimed for tax deduction.
Section 10(10)D: This section specifies that maturity and death benefits are tax-free.
Section 80DD: Deduction of up to Rs.50,000 from gross total income in respect of medical treatment or premium paid towards a life insurance policy taken for the benefit of handicapped dependent.
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